Swiss state-owned technology firm accused of fraud
German aviation company accuses Ruag of balance sheet fraud
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Listening: Swiss state-owned technology firm accused of fraud
German aviation company General Atomics Europe (GAE) has accused Swiss state-owned technology firm Ruag International of fraud relating to the sale of a subsidiary.
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Keystone-SDA
Deutsch
de
Deutsches Luftfahrtunternehmen wirft Ruag Bilanzfälschung vor
Original
The German company is demanding compensation of more than €40 million. A corresponding lawsuit was filed with the Munich II Regional Court in August.
According to the plaintiff, Ruag allegedly overstated the assets of one of its subsidiaries in its official accounts. This was stated in an investigation published by Tamedia on Monday.
As a result, GAE overpaid €40 million for the subsidiary, Ruag Aerospace Services in 2021, according to the allegation.
The basis for the purchase was a falsified annual report. The decisive annual financial statements for 2019 were only submitted two weeks before the contract was signed, although they should have been published three months in advance by law, the report continued.
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Ruag International’s sales drop amidst privatisation push
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In the 2023 financial year, aerospace company Ruag International continued its Group reorganization efforts.
GAE claims that two dozen balance sheet items were grossly manipulated. When asked by the Keystone-SDA news agency, Ruag rejected the allegations.
Translated from German by DeepL/mga
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