Military shipbuilder Austal says investigation settlement in best interest of company

MOBILE, Ala. (AP) — Executives with military shipbuilder Austal say settling an accounting fraud investigation is the best outcome for the company and that new financial controls have been put in place. Austal USA, a subsidiary of Australia-based Austal Limited, pleaded guilty to one count of securities fraud and one count of obstruction of a federal audit to settle an accounting fraud case. Austal USA agreed to pay a penalty of $24 million, according to the U.S. Justice Department. Restitution will also be paid to Austal shareholders. However, the restitution will be paid from the penalty, so the company will pay a total of $24 million.