Egyptian authorities are investigating Daimler bribes

Article by Christian A., on August 29, 2010

An investigation on alleged bribes made by Daimler AG for its business in Egypt is ongoing. In a statement last Thursday from a cabinet member, the Egyptian authorities continue to study these charges that were actually made in a US court.

Last March, a US court charged the Mercedes-Benz parent company for violations of the US bribery laws.

Reportedly, foreign officials were given millions of dollars and gifts of luxury cars for the carmaker to be able to participate in business deals.

According to US prosecutors, Daimler gave bribes in several countries, including Egypt, from 1998 to 2008. Daimler had since entered an agreement for it to come up with $185 million to settle charges by the Justice Department and the Securities and Exchange Commission.

As part of the settlement that was approved by a US judge, Daimler's German and Russian units will plead guilty to two counts of violating US anti-bribery laws.

A cabinet statement said that Prime Minister Ahmed Nazif has chosen to move the information to Public Prosecutor Abdel Meguid Mahmoud on the payment of bribes by Daimler Mercedes Benz to employees in several countries, including Egypt.

Topics: daimler

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