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Swiss state-owned technology firm accused of fraud

Published on October 1, 2024

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Swiss state-owned technology firm accused of fraud — German aviation company accuses Ruag of balance sheet fraud Keystone-SDA

Generated with artificial intelligence.

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.

This content was published on October 1, 2024 - 09:08

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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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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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