The Quotes are Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.

Management & Strategy


A former boss of Swedish company, Sandvik in Polish entangled in a corruption web

Thursday, 18 July 2013
A former boss of the Swedish engineering company, Sandvik in Poland through intense interrogation has admitted that he paid 10 million zlotys - the equivalent of over Skr20 million - in bribes to managers in the country's mining industry in exchange for orders for mining equipment.

According to Swedish radio referring to a Polish newspaper, Gazeta Wyborcza the man was the manager at Sandvik Mining & Construction in Poland and was previously a senior manager of Sandvik owned companies.

Pär Altan, spokesperson for Sandvik, is aware that there is an ongoing investigation in that direction while speaking to radio Sweden. He said Sandvik is collaborating with the authorities.

The person, who until last year worked for Sandvik, according to Gazeta Wyborcza has received immunity from prosecution in exchange for providing Polish prosecutors with detailed information on those he bribed and how much money was involved.

Several people in the mining industry, according to the report in the Polish press have been detained as a result of the information the former Sandvik manager has given the prosecutors.
More on this will be reported as we get more developments on the issue. So watch this space.
by Team

Print Friendly and PDF