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Thursday, October 10, 2013

Probes into Portugal’s submarines deal


Corruption allegations surrounding Portugal’s 2004 purchase of a pair of submarines from German contractors HDW, Ferrostaal and Thyssen for €1bn have prompted two investigations, one of which looked into allegations of bribery in the main deal itself and the other into part of the offset programme, which was valued at €1.21bn.

The main deal remains under investigation, while the trial of several German and Portuguese executives involved in part of the offset is nearing its final stage.

In it the prosecution accuses the German executives of paying their Portuguese counterparts €1m to disguise old investments as new ones as they sought to fulfil the offset obligations.

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