EADS, ThyssenKrupp venture raided over suspected bribes in Greek order

Sat Aug 24, 2013 8:41am EDT
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FRANKFURT (Reuters) - A joint venture of EADS EAD.PA and ThyssenKrupp (TKAG.DE: Quote) and offices of Rheinmetall (RHMG.DE: Quote) were raided this week in Germany on suspicion of paying bribes related to an order of submarine equipment from Greece, a spokesman for the state prosecutor in Bremen said on Saturday.

The Atlas Elektronik joint venture and Rheinmetall Defence Electronics were searched as they are suspected of paying 18 million euros ($24 million) in bribes and of avoiding taxes, the prosecutor's spokesman said.

He was confirming a report in German paper Sueddeutsche Zeitung.

EADS and ThyssenKrupp both confirmed the raid on their unit, which they bought from BAE Systems (BAES.L: Quote). Rheinmetall was not available to comment, but Sueddeutsche Zeitung reported, citing a spokesman for the company, that it rejected the accusations.

ThyssenKrupp said it had discovered the matter itself "as part of a compliance investigation" and notified the authorities in 2010 about it.

($1 = 0.7461 euros)

(Reporting by Myria Mildenberger and Peter Dinkloh; Editing by Hugh Lawson)

Logo of EADS is seen at the European aerospace and defence group EADS headquarters in Les Mureaux near Paris January 12, 2011. REUTERS/Charles Platiau