Loral and US government settle 1996 Chinese launch matter. (Top Stories).(Loral Space and Communications Ltd.)(Brief Article)

Wireless Satellite and Broadcasting Newsletter, January, 2002

Loral Space and Communications announced that it has reached a settlement with the US government in a case relating to the company's involvement in a review of a Chinese rocket launch failure in 1996. Loral also announced that it has been informed that the Justice Department has terminated its investigation of the company and has declined to pursue the matter further.

Loral has agreed to pay a civil fine of $14 million to the State Department without admitting or denying the government's charges. The cost of the fine (approximately $0.04 per share) will be reflected in Loral's 2001 fourth quarter results. Under the terms of the agreement, the fine is to be paid over seven years, without interest, resulting in a cash impact annually of approximately $2 million....

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