U.S. Department of Justice requests information from Saab North America, Inc. regarding Brazil's acquisition of Gripen fighters in 2014

Rhea-AI Summary

Saab North America, Inc., a U.S. subsidiary of Saab, has received a subpoena from the U.S. Department of Justice (DoJ) requesting information about Brazil's 2014 acquisition of 36 Gripen E/F fighter aircraft. This relates to Brazil's FX-2 fighter procurement program (2008-2014) where Saab won the contract. Saab intends to comply with the request and cooperate with the DoJ.

Previous investigations by Brazilian and Swedish authorities into parts of the procurement process were closed without indicating any wrongdoing by Saab. Due to secrecy obligations, Saab cannot provide further details on this matter.

Positive

• Saab's willingness to cooperate with the DoJ investigation
• Previous investigations by Brazilian and Swedish authorities found no wrongdoing by Saab

Negative

• DoJ subpoena may indicate potential legal or regulatory issues
• Investigation could impact Saab's reputation and future defense contracts
• Secrecy obligations limit transparency, potentially affecting investor confidence

STOCKHOLM, Oct. 10, 2024 /PRNewswire/ -- Saab North America, Inc., a U.S. subsidiary of Saab, has received a subpoena from the U.S. Department of Justice (DoJ). The DoJ has requested information about the Brazilian Government's acquisition of 36 Gripen E/F fighter aircraft for its air force. The contract was signed in 2014.

Brazil's fighter procurement (the FX-2 programme) took place between 2008 and 2014 and Saab was awarded the contract. Saab intends to comply with the request to supply information and to cooperate with the DoJ in this matter.

Both Brazilian and Swedish authorities have previously investigated parts of the Brazilian fighter procurement process. These investigations were closed without indicating any wrongdoings by Saab.

Due to secrecy obligations, Saab is not able to communicate further regarding this.  

Contacts
Mattias Rådström
Head of Media Relations
+46 (0)734 180 018
presscentre@saabgroup.com

Merton Kaplan
Head of Investor Relations
+46 (0)734 182 071
merton.kaplan@saabgroup.com

Saab is a leading defence and security company with an enduring mission, to help nations keep their people and society safe. Empowered by its 22,000 talented people, Saab constantly pushes the boundaries of technology to create a safer and more sustainable world. Saab designs, manufactures and maintains advanced systems in aeronautics, weapons, command and control, sensors and underwater systems. Saab is headquartered in Sweden. It has major operations all over the world and is part of the domestic defence capability of several nations.

The information is such that Saab AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on 10 October 2024 at 16.15 (CEST).

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https://news.cision.com/saab/r/u-s--department-of-justice-requests-information-from-saab-north-america--inc--regarding-brazil-s-acq,c4049751

The following files are available for download:

https://mb.cision.com/Main/183/4049751/3048417.pdf	U.S. Department of Justice requests information from Saab North America, Inc. regarding Brazil’s acquisition of Gripen fighters in 2014
https://news.cision.com/saab/i/saab-logo,c3341447	Saab logo

 

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SOURCE Saab

FAQ

What is the U.S. Department of Justice investigating regarding Saab (SAABY)?

The DoJ is requesting information about Brazil's 2014 acquisition of 36 Gripen E/F fighter aircraft from Saab, specifically related to the Brazilian FX-2 fighter procurement program that took place between 2008 and 2014.

How is Saab (SAABY) responding to the DoJ subpoena?

Saab intends to comply with the request to supply information and cooperate fully with the U.S. Department of Justice in this matter.

Were there previous investigations into Saab's (SAABY) Brazilian fighter deal?

Yes, both Brazilian and Swedish authorities previously investigated parts of the Brazilian fighter procurement process. These investigations were closed without indicating any wrongdoing by Saab.

When did Brazil acquire Gripen fighters from Saab (SAABY)?

Brazil signed a contract to acquire 36 Gripen E/F fighter aircraft from Saab in 2014, as part of their FX-2 fighter procurement program that ran from 2008 to 2014.