Cobham has confirmed that a small number of employees in the legacy FB Heliservices business unit - now Cobham Helicopter Services - bought fake degrees between 2013 and 2014.
Cobham said it noted BBC Radio 4's 'File on Four' programme yesterday regarding the purchase of fake degrees and confirmed that the board had become aware of it during 2017.
Chief executive David Lockwood said: 'I instigated an immediate investigation by a leading law firm as soon as I was made aware of this issue.
'The investigation was conducted over a three month period and completed in June 2017.
'It concluded that the issue was historic and related to the tax status of a small number of employees based in Curacao, was entirely unrelated to the performance of their roles, and had no impact upon the safety of any of its operations or the training of any individuals in the United Kingdom or elsewhere.
'Procedural and disciplinary actions have been taken to address the issues raised and the matter is now closed.'
The group said Cobham Helicopter Services aircrew and engineers were highly trained professionals who held the required licences and qualifications to fulfil their roles, and these were routinely and independently audited.
Lockwood added: 'When I joined Cobham, I stated that my focus would be on better control and execution, improved customer relationships, and strong and visible leadership. I also stated that we would build a sense of momentum and clear purpose among Cobham's management and employees, whilst improving accountability.
'Robustly dealing with legacy matters such as the purchase of these degrees is central to changing Cobham's culture and improving its performance.'
At 8:26am: (LON:COB) Cobham PLC share price was +0.15p at 131.55p