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December 11, 2009

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MAN to pay fines over corruption

GERMANY'S MAN SE has agreed to pay nearly 151 million euros (US$223 million) in fines over alleged corruption, the truck maker and judicial authorities said yesterday.

Munich prosecutors in May launched an investigation of alleged bribery, saying they suspected a "system to boost sales of trucks and buses" was in place in Germany.

Prosecutors in Munich, where the company is based, imposed fines of 75.3 million euros on the company's trucks division and 75.3 million euros on its turbo division.

MAN said its units agreed to the fines and the decision "brings to an end the investigations against the companies of the MAN Group on suspicion of ... corruption."

Both the court and the company said investigations of individuals suspected of corruption will continue.


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