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Saturday, August 06, 2011

Germans paid R300m for SA submarines

SAS Queen Modjadji (S103)German industrial company Ferrostaal allegedly paid R300 million to secure the sale of submarines to South Africa, the Citizen reported on Friday.

This was among the claims made by an internal audit of the company by American-based law firm Debevoise and Plimpton.

The law firm was hired to “clean up” Ferrostaal following a series of corruption scandals and the arrest of one of its board members by the German Public Prosecutions Authority last year.

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