In a statement, the SFO announced, "that it intends to seek the Attorney General's consent to prosecute BAE Systems for offences relating to overseas corruption". It will submit the papers to the attorney "when the SFO considers it is ready to proceed".

This follows the investigation carried out by the SFO into business activities of BAE Systems in Africa and Eastern Europe. Marking the culmination of an investigation lasting almost six years, the SFO said that it will seek consent from Baroness Scotland, the Attorney General, to prosecute BAE for "offences relating to overseas corruption".

The SFO investigated contracts concerning the following countries: South Africa, the Czech Republic, Romania and Tanzania. It is believed that BAE Systems is asked to accept a £500 million "fine" over these bribery allegations, the times reports.

The company issued a statement reading: "BAE Systems has at all times acted responsibly in its dealings with the SFO, taking into account the interests of its shareholders and employees and the legal advice it has received".It would deal with any issues at 'the appropriate time' and, if necessary, in court.