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MAN demands millions from Swedish ex-CEO

MAN demands millions from Swedish ex-CEO

Published: 17 Jan 2011 16:47 GMT+01:00
Updated: 17 Jan 2011 16:47 GMT+01:00

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

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

“It’s a completely ridiculous amount,” he told the Svenska Dagbladet (SvD) newspaper.

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.

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/dl (news@thelocal.se)

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Your comments about this article

18:47 January 17, 2011 by voiceofreason
Its sheer blackmail, an attempt to force an out-of-court financial settlement.

I bet the current CEO will pay-up too if a huge contract depends on it and Volvo or MACK were in contention.
08:43 January 19, 2011 by DamnImmigrant
"MAN demands millions from Swedish ex-CEO" - I found the headline to be uninteresting. Now if it had read:

"WOMAN demands millions from Swedish ex-CEO".

I might have read it sooner. Why would I want to read about some "man" demanding money. It took me a while to realize they are talking about the trucking company.

I agree with the voiceofreason because bribery in many countries is a FACT of life!

Do not pay a bribe, loose the contract, lay some people off. Pay the bribe and now you need to hire some extra people to handle the additional work. How is the company hurt? If the competition had paid a bigger bribe...

I see nothing in the article that says that anyone at MAN personally benefited by getting KICKBACK money.

I thought GERMANY allowed companies to pay bribes and to enter it on the books as bribes. If this is true then there is more to this story.
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