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Report: Volvo CEO to shell out nearly $700k to settle MAN corruption investigation

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    Report: Volvo CEO to shell out nearly $700k to settle MAN corruption investigation

    Filed under: Government/Legal, Hirings/Firings/Layoffs, Work, Specialty


    Volvo CEO Hakan Samuelsson will be making a rather large charitable donation - 500,000 Euros ($668,000), according to Bloomberg. This is not, however, a move out of the goodness of his heart. It's part of an agreement the exec made after a court case in Germany. Samuelsson spent nine years at truck manufacturer MAN, with his last four years as the boss. During his tenure, though, MAN was accused of illegal conduct, now understood to be bribes, in its Slovenian operations.

    The agreement stems from a desire to avoid a lengthy trial for Volvo's new CEO. As Samuelsson himself points out to Bloomberg, "I would have preferred to go through with the trial as I don't have any doubt about my innocence. But this wouldn't have been compatible with my role as Volvo CEO, and I want to leave Germany with passably positive impressions."

    It's important to note that Samuelsson was not directly accused of bribery, unlike a certain elderly racing executive. Instead, the former head of MAN's auditing department testified that Samuelsson was merely aware of "possible corrupt practices." MAN as a whole was fined 150 million Euros in a 2009 inquiry, while several blue and white-collar workers were indicted, according to Bloomberg. Samuelsson will also pay 1.2 million Euros ($1.6 million) to MAN, which the company says will be "in recognition of his corporate-governance responsibility as the former CEO."Volvo CEO to shell out nearly $700k to settle MAN corruption investigation originally appeared on Autoblog on Thu, 22 Aug 2013 14:41:00 EST. Please see our terms for use of feeds.
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