Volvo Cars CEO Hakan Samuelsson has said he will pay EUR500,000 to charity in order to settle a German investigation into alleged corruption during his previous tenure as chief executive at truck maker MAN.
Samuelsson has also agreed to pay EUR1.25m to MAN in response to a financial claim brought by the company related to the probe.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
“I have decided that I will accept an offer from the prosecutor whereby I will make voluntary payments totalling €500,000 to certain charitable organisations. The investigation initiated by the prosecutors will then be terminated without further actions,” Mr Samuelsson said in a statement.
The investigation was opened last year after the former head of MAN’s audit department testified in a related trial that he had informed Samuelsson in a 2006 meeting about “possible corrupt practices” regarding business in Slovenia.
Samuelsson became Volvo Cars CEO last October, succeeding Stefan Jacoby. Samuelsson had been on the Volvo Cars board since the purchase of the Swedish car company – from Ford – by Geely in 2010. Previously he was CEO at MAN.
