Sunday, August 27, 2006

Philips hit by corruption charges


Hamburg’s prosecutor is investigating some 100 current and former employees of Philips, the Dutch electronics group, and retail chains including Media-Saturn-Holding (MSH) for alleged corruption, FT Deutschland, the FT’s sister newspaper, has learned.

The Philips staff are alleged to have bribed employees at big retails outlets in Germany to gain contracts. Philips and MSH confirmed that an investigation is underway.

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