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.
Keystone
The state-owned PostBus company has admitted to hiding profits in its operations in neighbouring France in a scandal over illegal subsidies.
This content was published on
1 minute
swissinfo.ch/urs
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 It has already withdrawn from France.
Swisscom receives greenlight for acquisition of Vodafone Italia
This content was published on
The takeover of Vodafone Italia by Swisscom is nearing completion. All relevant authorities have now approved the €8 billion (CHF7.45 billion) deal.
Novo Nordisk stock market plunge drags down Swiss device maker Ypsomed
This content was published on
The Danish pharmaceutical giant, Novo Nordisk, faced setbacks on Friday that weighed on the share price of Swiss injection device manufacturer Ypsomed.
Swiss press react to EU deal with mix of euphoria and scepticism
This content was published on
Swiss media reaction to the agreement between Switzerland and the EU varies widely. Some are celebrating, while others worry about what is to come.
Swiss Solidarity donations to tackle child abuse top CHF4 million
This content was published on
Swiss Solidarity, the humanitarian arm of the Swiss Broadcasting Corporation (SBC), has raised over CHF4 million ($4.3 million) to tackle child abuse.
EU Commission president says Swiss-EU deal is ‘historic’ agreement
This content was published on
At a joint media conference with Swiss President Viola Amherd in Bern, European Commission President Ursula von der Leyen spoke of a "day of joy".
Switzerland and EU reach deal on future bilateral relations
This content was published on
Switzerland and the European Union have announced a political agreement to update their trading relationship after almost a decade of difficult talks.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss PostBus company claimed millions in illegal subsidies
This content was published on
The Swiss PostBus company has claimed almost CHF80 million in excessive subsidies over the past decade by manipulating accounts.
This content was published on
The head of Swiss Post, Susanne Ruoff, has stepped down on Friday with immediate effect over a subsidies scandal at company’s subsidiary, PostBus.
This content was published on
The vice-chairman at Swiss Post, Antonio Vassalli, will step down at the general assembly on June 26, it was announced on Saturday evening.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.