Slaughter and May is advising longstanding client Ultra Electronics on the Serious Fraud Office (SFO) investigation into the FTSE 250 company over suspected corruption.

The SFO announced today (19 April) that an investigation had been launched into the defence and technology company's conduct of business in Algeria, its subsidiaries, employees and associated persons.

Ultra Electronics said the investigation follows a "voluntary self-report" to the SFO. The SFO added in a statement: "No further information can be provided at this time as the investigation is live."

Slaughters has a longstanding relationship with the company, which produces military electronics for the British armed forces. Recent roles have included advising on the placing of shares and the acquisition of manufacturer Sparton Corporation in July 2017. Corporate partners Simon Nicholls, Paul Mudie and Christian Boney and tax partner Gareth Miles led for Slaughters on that matter.

The magic circle firm also acted for the company last November in relation to the refinancing of its revolving credit facilities, with financing partner Matthew Tobin leading the firm's team.

The role for Slaughters comes after the firm advised Rolls-Royce – which holds contracts with the British armed forces – on the SFO investigation into allegations of bribery and corruption at the company.

That investigation came to a conclusion in January 2017 with a £497.25m deferred prosecution agreement – the largest ever settlement with a company in the UK for criminal conduct.

The SFO recently appointed COO Mark Thompson as its interim director, ahead of the arrival of the full-time successor to departing director David Green QC. Thompson will hold the role until Green's replacement is available to take up the position full-time.