Sunday 05 April 2020

Imtech under investigation for cartel practices in Germany

imtech flagsStruggling technical services group Imtech is an important suspect in an investigation into cartel practices in Germany, the Telegraaf reports.

The Telegraaf basis its claim on information from the German justice authorities who are investigating 20 suspect projects.

The German arm of Imtech is suspected of being involved in 14 of these projects, conspiring to divide up the projects and drive up prices. Victims include energy companies RWE and E.ON and car manufacturer Audi. In one of the projects there is also the possibility that a German civil servant was bribed, the Telegraaf says.

An investigation is also taking place into the actions of seven past and present Imtech employees.

‘Imtech should get ready for substantial claims,’ a lawyer who asked for anonimity told the Telegraaf.

Bribery

Last week, the German newspapers Bild and Handelsblatt reported that vour Imtech employees are being investigated for bribery in the building of the new Berlin-Brandenburg airport.

The Gouda-based company has been struggling since it was hit by two scandals in 2013 when financial fraud was discovered in Poland and Germany. This drove the company to a loss of €700m over 2013 as a whole.

Last October, the four banks supporting Imtech’s new share issue were forced to pick up 47% of the stake after investors shunned the company’s efforts to raise €600m.

In November, Imtech announced a fall in turnover in the third quarter of 2014 of 11% to €940m but an improvement in losses of nearly 25% to €75m.

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