Continental AG manager investigated for Corruption

One of Continental AG’s managers is reportedly under police investigation relating to corruption allegations. Following an article in Germany's Bild newspaper, Bloomberg reported that Frankfurt prosecutor’s office confirmed that such an investigation is underway.

The reports suggest that a 60-year-old from Frankfurt who served as a company representative to eastern Europe, Middle East and Africa is alleged to have accepted bribes work at least 70,000 euros ($100,000). The alleged bungs are said to have been paid out while negotiating and awarding contracts for car replacement parts and equipment. Doris Moeller-Scheu, a spokeswoman for the prosecutor’s office told Bloomberg that the unnamed man has been in police custody since April:

“The investigation will need at least several more months because we need the assistance of police forces abroad…We have been communicating with Switzerland, because we need to know about bank accounts.” Authorities in other countries such as Russia and the Czech Republic have also been contacted.

While Continental’s corporate headquarters declined to comment on the matter, Tyres & Accessories understands that the accused individual is not likely to be part of the Rubber Group, but rather Continental’s Automotive division.

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