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Friday 15 January 2021 7:36 am

SFO closes investigation into British American Tobacco

By: Hannah Godfrey

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British American Tobacco (BAT) is reportedly set to begin a begin a partial sale of its stake in Indian partner ITC as early as this week.
Under the buyback plan, BAT plans to repurchase £1.6bn worth of its ordinary shares, with £700m slated for 2024 and £900m to follow in 2025. (Credit: Getty)

The Serious Fraud Office (SFO) has closed its investigation into British American Tobacco (BAT), its subsidiaries and associated persons. 

The SFO said the evidence in the case did not meet the evidential test for prosecution. 

According to the BBC, BAT, which owns brands Lucky Strike and Pall Mall, was under investigation over allegations it paid bribes in East Africa.

Paul Hopkins, who worked for BAT in Kenya for 13 years, told Panorama in 2015 he had begun paying bribes after being told it was the cost of doing business in Africa.

The payments were aimed at influencing laws surrounding the use of tobacco in the region.

BAT told Panorama at the time: “The truth is that we do not and will not tolerate corruption, no matter where it takes place.”

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British American Tobacco shares slide as cigarette volumes decline

British American Tobacco headquarters with falling stock prices graph, reflecting decline in cigarette volumes and share p...

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