BAE Systems, which employs thousands in East Lancashire, has agreed to pay fines totalling £286 million to settle corruption charges with the Serious Fraud Office and the US Department of Justice.

The move, which will see the defence giant plead guilty to two charges, follows an investigation into deals that BAE won from countries including Tanzania, the Czech Republic, Romania and South Africa.

BAE will pay £255.7 million to the Department of Justice and £30 million to the SFO, the firm said.

The company will plead guilty in court to an offence of failing to keep “reasonably accurate accounting records” in its activities in Tanzania, the SFO said.

The payout to the SFO will be made as an “ex gratia payment” for the benefit of the people of Tanzania.

Richard Alderman, director of the SFO, said: “I am very pleased with the global outcome achieved collaboratively with the DoJ.

”This is a first and it brings a pragmatic end to a long-running and wide-ranging investigation.”

BAE chairman Dick Olver said the firm had now “systematically enhanced” its procedures to avoid similar incidents in future.

BAE’s Samlesbury site, which part-manufactures the Eurofighter Typhoon and Joint-Strike Fighter aircrafts, employs 5,800.