BAT announced that it has reached agreement with the U.S. Department of Justice, or DOJ, and U.S. Department of the Treasury’s Office of Foreign Assets Control, or OFAC, to resolve previously disclosed investigations into suspicions of sanctions breaches. These concern business activities relating to the Democratic People’s Republic of Korea, North Korea, between 2007 and 2017. British American Tobacco has entered into a deferred prosecution agreement with DOJ and a civil settlement agreement with OFAC, and an indirect BAT subsidiary in Singapore has entered into a plea agreement with DOJ. The total amount payable to the U.S. authorities is $635,241,338 plus interest. The DOJ resolutions acknowledged BAT’s remediation efforts to date and cooperation. Under the agreement, BAT cannot make any comment on the documentation published by the investigating authorities, the contents therein, or on related factual matters. As announced in its Half-Year Report of 27 July 2022, BAT recognized a provision of $540 million, in line with the International Accounting Standards 37 requirements. Its Full Year 2023 Group guidance is unaffected by this announcement.
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