MOBILE, Ala. (AP) — Austal USA, an Alabama-based shipbuilder that makes vessels for the U.S. Navy, has admitted wrongdoing and agreed to pay a $24 million...
MOBILE, Ala. — Austal USA, an Alabama-based shipbuilder that makes vessels for the U.S. Navy , has admitted wrongdoing and agreed to pay a $24 million fine to settle an accounting fraud investigation, the U.S. Department of Justice announced Tuesday.
Austal USA LLC is a subsidiary of Australia-based Austal Limited and builds littoral combat ships for the Navy that are designed to operate in shallow coastal waters. The Justice Department said the appropriate criminal penalty would be $73 million, but that was reduced because of Austal USA’s inability to pay. In addition to the $24 million criminal fine, the company is also on the hook for $24 million in restitution for shareholder losses.
Austal Limited U.S. Department Of Justice U.S. Navy Fraud Investigation Accounting Fraud
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