Volvo Cars chief will pay $668,000 to settle German investigation image

Executive Officer Hakan Samuelsson will pay 500, 000 euros ($668, 000) to charity to end a German investigation into corruption allegations linked to his tenure as MAN’s CEO.

The probe was opened last September in Munich after the former head of MAN’s audit department testified in a related trial that he had informed Samuelsson in a 2006 meeting about “possible corrupt practices” regarding business in Slovenia.

“I would have preferred to go through with the trial as I don’t have any doubt about my innocence,” Samuelsson said in an interview. “But this wouldn’t have been compatible with my role as Volvo CEO, and I want to leave Germany with passably positive impressions. I have an agreement that the case will be closed with a payment of 500,000 euros to social institutions,” Samuelsson said today.

MAN, Europe’s third-largest truckmaker, agreed to pay 150 million euros in 2009 to resolve an inquiry into possible bribes paid by its truck and turbo units. Investigators raided 59 company sites and seven private homes looking into allegations of illegal conduct from 2002 to 2009. The probe yielded several indictments against employees and managers.

Via Bloomberg