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Friday, December 12, 2014

German arms manufacturer fined €37m for Greek bribes

RheinmetallGerman armaments and car parts conglomerate Rheinmetall has been fined €37 million after a subsidiary bribed Greek officials to buy a €150 million air defence system.

The fine is the first of its kind imposed on a German armaments company and comes amid a wider investigation into one of Germany’s most influential and secretive industries.

The case involves a deal brokered a decade ago by Rheinmetall Defence Electronics (RDE), a Bremen-based subsidiary of the Düsseldorf concern, to sell an “Asrad” air-defence system to the Greek army for €150 million.

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