FROM: U.S. EXPORT-IMPORT BANK
Ex-Im Bank Authorizes $130 Million To Finance Export of U.S.-Manufactured Aircraft and Engines to Ethiopian Airlines
Ex-Im Bank Chairman Fred P. Hochberg Announces Financing in Addis Ababa Today
Addis Ababa, Ethiopia – The Export-Import Bank of the United States (Ex-Im Bank) has authorized nearly $130 million in financing to support the export of Boeing long-range aircraft and installed GE-90 engines to Ethiopian Airlines.
The transaction will support an estimated 700 American jobs in the aircraft and aircraft-engine manufacturing industry, according to an Ex-Im Bank estimate derived from U.S. Departments of Commerce and Labor data and methodology.
Ex-Im Bank Chairman Fred P. Hochberg announced the transaction today in Addis Ababa. Hochberg is in Ethiopia conducting meetings with government and business leaders as part of a week-long business development trip to India, Ethiopia and South Africa.
"Ex-Im Bank is pleased to add another transaction in our successful partnership with Ethiopian Airlines, which is supporting hundreds of jobs in the U.S. aerospace industry. This transaction also demonstrates the tremendous potential of Africa for U.S. exporters," said Ex-Im Bank Chairman Fred P. Hochberg. "Our financing of high-quality, ‘Made in the USA’ aircraft and engines is also helping Ethiopian Airlines continue to expand its service throughout Africa and beyond the continent."
From 2003 through 2013, Ex-Im Bank has approved more than $2.2 billion to finance exports of U.S.-manufactured aircraft and aircraft engines to Ethiopian Airlines. In May 2012, Ex-Im Bank authorized financing to support 10 Boeing 787 Dreamliner aircraft to Ethiopian Airlines. Four of the aircraft were funded through a capital-markets bond issuance in November 2012.
Showing posts with label AIRCRAFT ENGINES. Show all posts
Showing posts with label AIRCRAFT ENGINES. Show all posts
Monday, July 1, 2013
Monday, June 24, 2013
UT, JUSTICE SETTLE PRICE INFLATION CHARGES FOR AIRCRAFT ENGINES
FROM: U.S. DEPARTMENT OF JUSTICE
Thursday, June 20, 2013
United Technologies Corporation Liable for Over $473 Million for Inflating Prices on Aircraft Engines Sold to Air Force
Recovery Sets Record for Case Tried Under the False Claims Act
The U.S. District Court for the Southern District of Ohio found United Technologies Corporation liable for over $473 million in damages and penalties arising out of a contract to provide the Air Force with fighter aircraft engines for F-15 and F-16 aircraft between 1985 and 1990, the Justice Department announced today. United Technologies, which is based in Connecticut, provides a broad range of high-technology products and services to the global aerospace and building systems industries.
"The department will relentlessly pursue justice against those who knowingly submit false claims to the government and abuse the public contracting process," said Stuart Delery, Acting Assistant Attorney General for the Civil Division. "It is vital that companies who do business with the government provide full and accurate information, and if they do not, they will pay the consequences."
The government alleged that UTC’s proposed prices for the engine contract misrepresented how UTC calculated those prices, resulting in the government paying hundreds of millions more than it otherwise would have paid for the engines. Specifically, the government alleged that UTC failed to include in its price proposal historical discounts that it received from suppliers, and instead knowingly used outdated information that excluded such discounts.
The government filed suit against UTC in 1999 under the False Claims Act and the common law, and those claims were tried, without a jury, in 2004. An initial decision by the district court in 2008 found UTC liable under the False Claims Act, but did not award any damages. The district court also dismissed the government’s common law claims. That decision was appealed by both the government and UTC. In 2010, the Court of Appeals for the Sixth Circuit affirmed the district court’s finding that UTC was liable under the False Claims Act, but reversed and remanded the case to the district court to recalculate the government’s damages and to reconsider the government’s common law claims.
In yesterday’s ruling, the district court awarded the government False Claims Act damages and penalties of $364 million, which is the highest recovery obtained by the government in a case tried under the Act. The court also awarded an additional $109 million in damages on the government’s common law claims. With the addition of prejudgment interest on the latter claims, which the court has yet to calculate, the government anticipates that the total judgment against United Technologies could be well in excess of half a billion dollars.
Thursday, June 20, 2013
United Technologies Corporation Liable for Over $473 Million for Inflating Prices on Aircraft Engines Sold to Air Force
Recovery Sets Record for Case Tried Under the False Claims Act
The U.S. District Court for the Southern District of Ohio found United Technologies Corporation liable for over $473 million in damages and penalties arising out of a contract to provide the Air Force with fighter aircraft engines for F-15 and F-16 aircraft between 1985 and 1990, the Justice Department announced today. United Technologies, which is based in Connecticut, provides a broad range of high-technology products and services to the global aerospace and building systems industries.
"The department will relentlessly pursue justice against those who knowingly submit false claims to the government and abuse the public contracting process," said Stuart Delery, Acting Assistant Attorney General for the Civil Division. "It is vital that companies who do business with the government provide full and accurate information, and if they do not, they will pay the consequences."
The government alleged that UTC’s proposed prices for the engine contract misrepresented how UTC calculated those prices, resulting in the government paying hundreds of millions more than it otherwise would have paid for the engines. Specifically, the government alleged that UTC failed to include in its price proposal historical discounts that it received from suppliers, and instead knowingly used outdated information that excluded such discounts.
The government filed suit against UTC in 1999 under the False Claims Act and the common law, and those claims were tried, without a jury, in 2004. An initial decision by the district court in 2008 found UTC liable under the False Claims Act, but did not award any damages. The district court also dismissed the government’s common law claims. That decision was appealed by both the government and UTC. In 2010, the Court of Appeals for the Sixth Circuit affirmed the district court’s finding that UTC was liable under the False Claims Act, but reversed and remanded the case to the district court to recalculate the government’s damages and to reconsider the government’s common law claims.
In yesterday’s ruling, the district court awarded the government False Claims Act damages and penalties of $364 million, which is the highest recovery obtained by the government in a case tried under the Act. The court also awarded an additional $109 million in damages on the government’s common law claims. With the addition of prejudgment interest on the latter claims, which the court has yet to calculate, the government anticipates that the total judgment against United Technologies could be well in excess of half a billion dollars.
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