Swiss Post admits to illicit funding for PostBus company abroad
PostBus, a subsidiary of the state-owned Swiss Post, has provided public transport operations for more than 100 years.
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The state-owned PostBus company has admitted to hiding profits in its operations in neighbouring France in a scandal over illegal subsidies.
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Swiss Post, the parent company of PostBus, said an investigation confirmed that the financial situation of PostBus subsidiaries abroad had not been “presented in full”, according to a statement published on Tuesday.
The report also showed that CarPostal France and PostBus Liechtenstein were “not charged for all services”.
This resulted in around CHF67 million ($67 million) in total being paid by PostBus to its parent company between 2007 and 2012.
Swiss Post said such “unacceptable” practice enabled profits at PostBus to be kept low in order to claim subsidies.
It added that a correct allocation of the costs would have led to less positive financial results.
The scandal came to light last year and led to the resignation of the entire PostBus top management as well as the CEO of Swiss Post and several members of the board.
Swiss Post said it would review its future operations in Liechtenstein. It has already withdrawn from France.
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Swiss PostBus company claimed millions in illegal subsidies
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The Swiss PostBus company has claimed almost CHF80 million in excessive subsidies over the past decade by manipulating accounts.
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The head of Swiss Post, Susanne Ruoff, has stepped down on Friday with immediate effect over a subsidies scandal at company’s subsidiary, PostBus.
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The vice-chairman at Swiss Post, Antonio Vassalli, will step down at the general assembly on June 26, it was announced on Saturday evening.
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