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MAN demands €237 million from ex-CEO

The Local · 17 Jan 2011, 14:33

Published: 17 Jan 2011 14:33 GMT+01:00

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The company also demanded sums from five other former managers totalling in the hundreds of millions, daily Süddeutsche Zeitung wrote.

But Samuelsson’s lawyer Wolf-Dieter von Gronau rejected the claim against the 59-year-old Swede as unfounded, the paper said.

Last year, the Munich public prosecutor’s office slapped MAN with a penalty of more than €150 million for years of paying bribes to obtain foreign contracts. The company spent another €70 million righting their books and conducting an internal corruption investigation.

Now the company’s board of directors, led by Volkswagen boss Ferdinand Piëch, wants to hold its former leaders personally responsible for the damages, the paper said. VW owns 30 percent of MAN.

Though Samuelsson, former CFO Karlheinz Hornung, and the other managers stepped down in 2009 and were not personally implicated in the probe by Munich authorities, MAN has made the unusual choice to hold them liable for failing to prevent the corruption.

Piëch’s motto, according to the paper, is that battles aren’t won “with friendliness.”

“Probably no one (in a purely financial sense) has felt Piëch’s hardness as much as Hakan Samuelsson,” Süddeutsche Zeitung wrote.

Story continues below…

It remains unclear whether MAN is attempting to cover the costs of a €200-million liability insurance policy taken out for its top managers, or whether, as Samuelsson’s lawyer claims, they are attempting to force a settlement, the paper said.

The Local/DAPD/DPA/ka

The Local (news@thelocal.de)

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10:51 January 18, 2011 by catjones
More bribes and corruption. Just like a banana republic
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