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Ultra Electronics faces corruption investigation by the Serious Fraud Office

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Defence contractor says it is co-operating with the SFO

The Serious Fraud Office (SFO) has opened a criminal investigation into London-listed firm Ultra Electronics over suspected corruption.

The inquiry into the defence contractor’s business in Algeria was launched after Ultra reported itself to the SFO.

Shares in Middlesex-based Ultra were down more than 8.5 per cent by mid-morning.

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The SFO wants more money but it must up its game

In a statement to the stock exchange on Thursday morning, Ultra said: “Given the stage of these matters, it is not possible to estimate reliably what effect the outcome of this matter may have on the group. The company will provide a further update as and when appropriate.”

The company said it “continues to co-operate with the SFO”.

The SFO said: “No further information can be provided at this time as the investigation is live.”

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