WASHINGTON, Dec 19 (Reuters) - Global aerospace company

AAR Corp ( AIR ) agreed to resolve U.S. charges in connection

with schemes to bribe Nepalese and South African officials, the

U.S. Justice Department and the Securities and Exchange

Commission said on Thursday.

AAR agreed to pay over $55 million to resolve investigations

by the Justice Department and the SEC into violations of the

Foreign Corrupt Practices Act, which prohibits corrupt payments

to foreign government officials, the Justice Department said.

Deepak Sharma, a former AAR subsidiary executive, pleaded

guilty in August for his role in the Nepal scheme, and Julian

Aires, a third-party agent of AAR, pleaded guilty in July for

his role in the South Africa scheme.

AAR entered into an 18-month non-prosecution agreement with

the Justice Department, the department said.

The company confirmed the settlement in a statement of its

own that said it had cooperated with authorities during the

probe. AAR added it expects to fund these payments using a

combination of cash on hand and borrowings under its revolving

credit facility.

Between 2015 and 2020, AAR conspired to pay bribes to

government officials to obtain and retain business with

state-owned airlines in Nepal and South Africa, the Justice

Department said, citing the company's admissions in connection

with the resolution.

AAR obtained profits of nearly $24 million as a result of

the scheme, according to the U.S. Justice Department.

In Nepal, AAR corruptly obtained business with Nepal

Airlines Corporation, the state-owned airline of Nepal, related

to the sale of two Airbus A330-200 aircraft by bribing Nepalese

officials through various intermediary companies, the Justice

Department said.

In South Africa, AAR obtained the award of an aircraft

component support contract with South African Airways Technical,

a wholly owned subsidiary of South African Airways, a

state-owned airline, by paying bribes to South African officials

through a third-party agent, according to the DOJ.