The Serious Fraud Office ( SFO ) has opened a criminal investigation into London-listed firm Ultra Electronics over suspected corruption.
The inquiry into the defence contractor’s business in Algeria was launched after Ultra reported itself to the SFO.
Shares in Middlesex-based Ultra were down more than 8.5 per cent by mid-morning.
In a statement to the stock exchange on Thursday morning, Ultra said: “Given the stage of these matters, it is not possible to estimate reliably what effect the outcome of this matter may have on the group. The company will provide a further update as and when appropriate.”
The company said it “continues to co-operate with the SFO”.
The SFO said: “No further information can be provided at this time as the investigation is live.”
