DaimlerChrysler has suspended at least six managers over bribery allegations linked to the UN oil-for-food programme in Iraq, the Financial Times says.
Quoting “people close to the carmaker”, the paper said between six and nine senior managers had been suspended after an internal investigation.
A report published last year listed the carmaker among more than 2,000 firms said to have paid Iraqi kickbacks
The US Justice Department has begun an inquiry into allegations of bribery at DamilerChrysler’s Mercedes unit, the German-US carmaker has confirmed.
DaimlerChrysler said it was co-operating fully, and has made all its accounts available.
The criminal probe escalates a civil one by the US market watchdog, the Wall Street Journal reported on Friday
Germany’s financial market watchdog has launched a probe into possible insider trading in shares of carmaker DaimlerChrysler.
DaimlerChrysler’s share price jumped last week ahead of chief executive Juergen Schrempp’s announcement that he would step down at the end of the year.
Following the announcement, the shares surged as much as 10%
Commerzbank, Germany’s fourth-largest lender, has confirmed that five executives and former staff are caught up in a Russian money-laundering probe.
Frankfurt prosecutors searched offices last week on Tuesday and Wednesday, the bank said. Premises were also checked elsewhere in Germany and Switzerland
Volkswagen has paid the Indian state of Andhra Pradesh around 2 million euros (£1.4m; $2.4m) in compensation for misdealings linked to the carmaker
A member of the board of German chip firm Infineon has offered to step down following allegations of bribery.
Andreas von Zitzewitz, the firm said, was under investigation “in context with payments made for contracts regarding motorsport sponsorship”.
Dr von Zitzewitz led the firm’s memory chip unit, the core of operations at Europe’s second-biggest chip maker
Volkswagen has postponed making a decision on plans to build a new factory in India in the wake of a bribery scandal at the German carmaker.
Business daily Handelsblatt said VW boss Bernd Pischetsrieder had put the plans on hold amid allegations of bribes relating to the project.
Last week VW called in auditors KPMG to review bribery allegations at the firm
Four executives of German microchip giant Infineon Technologies have pleaded guilty to price-fixing, the US Justice Department has said.
The three Germans and an American will each pay a fine of $250,000 (£129,000) and serve a prison term of up to six months. Infineon agreed in September to pay a fine of $160m after pleading guilty to one count of price-fixing
Germany’s largest telecoms company, Deutsche Telekom, was in the dock on Tuesday as investors claimed it misled them during the internet boom.The judge seemed to agree it had valued its properties inappropriately, but rejected some other parts of the case.
The telecoms giant faces lawsuits from 2,100 shareholders who are demanding a total of 100m euros (£70m; $130m) in damages
Germany’s biggest bank – Deutsche Bank – is being investigated on suspicion it may have manipulated its balance sheet.
The investigation is in connection to a long-running legal dispute with the now-defunct Kirch media group. Deutsche Bank is alleged not to have set aside provisions to cover damages and compensation that a court ordered it to pay to Kirch