German aviation company General Atomics Europe (GAE) has accused Swiss state-owned technology firm Ruag International of fraud relating to the sale of a subsidiary.
The German company is demanding compensation of more than €40 million. A corresponding lawsuit was filed with the Munich II Regional Court in August.
According to the plaintiff, Ruag allegedly overstated the assets of one of its subsidiaries in its official accounts. This was stated in an investigation published by Tamedia on Monday.
As a result, GAE overpaid €40 million for the subsidiary, Ruag Aerospace Services in 2021, according to the allegation.
The basis for the purchase was a falsified annual report. The decisive annual financial statements for 2019 were only submitted two weeks before the contract was signed, although they should have been published three months in advance by law, the report continued.
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Ruag International’s sales drop amidst privatisation push
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In the 2023 financial year, aerospace company Ruag International continued its Group reorganization efforts.
GAE claims that two dozen balance sheet items were grossly manipulated. When asked by the Keystone-SDA news agency, Ruag rejected the allegations.
Translated from German by DeepL/mga
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SWISS continues to suspend Tel Aviv and Beirut flights
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Swiss airline keeps Tel Aviv and Beirut flight bans in place for the coming weeks.
Marco Campanella named Switzerland’s ‘Chef of the Year 2025’
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Marco Campanella was named ‘Chef of the Year 2025’ by GaultMillau Switzerland on Monday. He is “the next great culinary talent of Switzerland”.
Far-right extremists sentenced for disorder at Zurich Pride
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CERN to expel 500 Russian scientists from November 30
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One dead, 2 children seriously injured after car crashes into Geneva sports centre
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Sep 15, 2024
An 80-year-old driver crashed into several children aged around ten on Saturday after losing control of her vehicle in Geneva, before succumbing to her injuries.
Read more: One dead, 2 children seriously injured after car crashes into Geneva sports centre
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Swiss Centre Party leader says report on proposed federal
Around 68,000 people moved to Switzerland from other European countries in 2023, attracted by the job opportunities, the Swiss authorities said on Monday. This is the second-highest figure since the agreement on the free movement of persons between the European Union and Switzerland came into force over 20 years ago.
The Swiss National Bank (SNB) returned to a quarterly profit because of the weakness of the Swiss franc, potentially helping officials to rebuild the central bank’s depleted capital base.
The Zurich-based institution notched up a gain of CHF58.8 billion ($64 billion) in the first quarter, according to a statement on Thursday. That’s the strongest start to the year on record.