Corruption In German Industry

[Lonan3]

From today's Guardian:

 

Car manufacturers BMW, DaimlerChrysler and Volkswagen; the country's fourth-largest financial institution, Commerzbank; Europe's largest chip-producer, Infineon - five of Germany's leading firms, all members of its Dax-30 blue-chip index, have become embroiled in corruption scandals in recent months.

The revelations of kickbacks, money-laundering and paid-for sex have shocked a country that is already trying - and failing - to come to terms with its fall from grace as Europe's model economy and is mired in anxious depression. Not so much banana republic as backhander republic.

 

Volkswagen: three senior executives and chairman of works council resign. Allegations are: works council members given free trips, gifts for spouses, call-girls signed and paid for as company expenses; bogus firms set up by executives to build dealerships

· Commerzbank: alleged cover-up of money-laundering for Russian telecoms company; Andreas de Maiziere quits executive board; five current and former employees investigated

· Infineon: Andreas von Zitzewitz, executive director for memory chips, forced out over allegations that he took €259,000 over two years for setting up contracts for sponsoring motor-sports

· DaimlerChrysler: head of Mercedes distribution business in Germany sacked for allegedly using company money to build home for girlfriend in Majorca

· BMW: purchasing manager allegedly paid $100,000 in bribes by a supplier; wife paid for non-existent consulting work.

 

Makes our lot look like innocents and amateurs, doesn't it?

[Paul H]

From today's Guardian:

 

Car manufacturers BMW, DaimlerChrysler and Volkswagen; the country's fourth-largest financial institution, Commerzbank; Europe's largest chip-producer, Infineon - five of Germany's leading firms, all members of its Dax-30 blue-chip index, have become embroiled in corruption scandals in recent months.

The revelations of kickbacks, money-laundering and paid-for sex have shocked a country that is already trying - and failing - to come to terms with its fall from grace as Europe's model economy and is mired in anxious depression. Not so much banana republic as backhander republic.

 

Volkswagen: three senior executives and chairman of works council resign. Allegations are: works council members given free trips, gifts for spouses, call-girls signed and paid for as company expenses; bogus firms set up by executives to build dealerships

· Commerzbank: alleged cover-up of money-laundering for Russian telecoms company; Andreas de Maiziere quits executive board; five current and former employees investigated

· Infineon: Andreas von Zitzewitz, executive director for memory chips, forced out over allegations that he took €259,000 over two years for setting up contracts for sponsoring motor-sports

· DaimlerChrysler: head of Mercedes distribution business in Germany sacked for allegedly using company money to build home for girlfriend in Majorca

· BMW: purchasing manager allegedly paid $100,000 in bribes by a supplier; wife paid for non-existent consulting work.

 

Makes our lot look like innocents and amateurs, doesn't it?

<{POST_SNAPBACK}>

 

Given the size of the German economy compared to that of the Isle of Man there is little to pick between them in terms of who has done worst. Only that the ones in Germany are in the private sector and seem at least to have grace in resigning when they get caught with their hands in the cookie jar.

 

If you think that the German car industry is bent you should see what's been going on in Italy with the Fiat car company! It's on it's arse thanks to everyone having a bit of the action.

[Amadeus]

May I just point out that there is no such thing as "Corruption" in Germany - these things are merely "Additional Benefits and Incentives on an Executive Level"

[Lonan3]

May I just point out that there is no such thing as "Corruption" in Germany - these things are merely "Additional Benefits and Incentives on an Executive Level" 

<{POST_SNAPBACK}>