Tuesday, May 18, 2021

old submarines sold as new one's (Portugal intel)

 The 2004 EUR 1 billion Portuguese purchase of two submarines from German contractors, HowaldtswerkeDeutsche Werft, MAN Ferrostaal, and Thyssen Nordseewerk, (jointly the German Submarine Consortium), has been dogged by allegations of corruption around the main deal and the offset package, valued at EUR 1.21 billion. German executives were accused of “paying their Portuguese counterparts EUR 1 million to disguise old investments as new ones as they sought to fulfil the offset obligations”.21 The scheme is alleged to have cost the Portuguese government EUR 34 million.


http://ti-defence.org/wp-content/uploads/2016/06/Licence-to-Bribe-web.pdf

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