Defense contractor Titan Corp. tentatively agreed to plead guilty to criminal charges and pay less than $30 million to resolve a yearlong overseas-bribery investigation, people familiar with the situation say.That probe scuttled Lockheed Martin Corp.'s proposed $1.6 billion acquisition of Titan in June and rocked investor confidence in the San Diego company. Under the current deal to end investigations by the Justice Department and Securities and Exchange Commission, Titan will admit that payments by its overseas consultants violated the Foreign Corrupt Practices Act, these people say.
A defense contractor or one of its units that pleads guilty to making illegal foreign payments and certain other felonies is subject to being barred from competing for new government contracts.
Even amid the bribery investigation and prisoner-abuse scandal at Iraq's Abu Ghraib prison, where Titan employees worked as interpreters, the Pentagon didn't shy away from giving the company business. Since the Lockheed acquisition collapsed in June, Titan has won contracts valued at as much as $2.8 billion.
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