The Swiss subsidiary of German printing press
manufacturer Koenig & Bauer has agreed to pay a CHF35 milllion
settlement ($35 million) following a corruption scandal. The Office of
the Attorney General on Friday confirmed an earlier report of the
settlement in Der Spiegel. The subsidiary, KBA Notasys, had been accused
of not doing enough to prevent corruption by “foreign agents”. The
incidents involved orders originating from Brazil, Nigeria, Morocco and
Kazakhstan. The company raised the alarm itself after discovering
irregularities in December 2015. The company agreed on the settlement as
part of a simplified procedure, an Attorney General spokesman said.
CHF30 million of the company's profits will be paid into the federal
coffers and the firm agreed to spend another CHF5 million on tightening
up their compliance procedures.
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