Swedish Prosecutor satisfied with decision to jail two Volvo officials

Wednesday, 04 April 2012
Swedish state prosecutor, Nils-Eric Schultz, is pleased with the conviction of two former executives of AB Volvo's subsidiary, Volvo CE, who paid millions of dollars in exchange for contracts in Saddam Hussein's Iraq.

The men were convicted of serious criminal activities relating to corruption and the penalty was suspended sentences and fines, which the prosecutor has no comments.
He’ll now turns to scania which was also accused of similar crimes.

“It's like it says in the judgment: this is far back in time,” says Schultz.
The judgment in Eskilstuna district court was supposed to be announced this afternoon, just before AB Volvo's Annual General Meeting. But it was brought forward at the company's request, according to reports.

The indictment against Volvo managers where so-called kickbacks were said to have been paid in violation of UN sanctions against Iraq, was reportedly paid to Saddam's regime. In exchange, Volvo received contract for wheel loaders and motor graders worth hundreds of millions.
In the U.S., the system of side payments was examined, and Volvo in 2008 paid $19.6 million in fines to the U.S. government.

“The reason I did not have a claim for a corporate fine or forfeiture claim against Volvo was that Volvo had paid a large sum of money to the U.S. government,” says Nils-Eric Schultz and continues:
“It has not been done by Scania. So therefore, I will now have the opportunity to bring forfeiture actions and proceedings against the corporate level of Scania.”

It is not year clear how much money Scania may be required to pay as fine.
Hans-Ake Danielsson, Press Manager of Scania, would not comment on the prosecutor's statement that the company might be required pay cash fine.
Scania was also indicted for bribery in Iraq during the reign of Saddam Husain
By Scancomark.se Team

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