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Austal fights to keep US Navy work after $35m fraud penalty

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Austal is fighting to maintain its standing as a responsible contractor to the US Navy after accepting a $US24 million ($35.4 million) penalty as part of a plea deal to head off criminal prosecution by US regulators in a fraud investigation.

The deal is the result of negotiations with the US Department of Justice and the Securities and Exchange Commission, whose investigations focused on alleged fraud between 2013 and 2016 within Austal’s US division.

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Brad Thompson writes across business and politics from Western Australia for The Australian Financial Review. Brad is based in our Perth bureau. Connect with Brad on Twitter. Email Brad at brad.thompson@afr.com

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    Original URL: https://www.afr.com/policy/foreign-affairs/austal-fights-to-keep-us-navy-work-after-35m-fraud-penalty-20240826-p5k5iq