ThyssenKrupp AG, Germany's largest steelmaker, said officials at one of its units are being investigated in connection with allegations that bribes were paid to secure contracts to supply ships to South Africa's navy.
"Offices of the group in Dusseldorf, Essen, Hamburg and Kiel were searched due to the suspicion of illegal commission payments in connection with an order for the supply of four corvettes to South Africa in 1998," ThyssenKrupp said today in a faxed statement. "The investigations are directed at responsible officers of a group company at that time. Employees or executive board members of ThyssenKrupp AG and its segment holding companies are not affected." The company denied wrongdoing.
The investigation was reported earlier today by the Johannesburg-based Sunday Times newspaper, which said millions of rand may have illegally changed hands.
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