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UPDATE 1-MAN finds no signs of slush funds in bribe probe

Wed Jul 8, 2009 7:42am EDT

Stocks

   

* Suspicious payments fell from 2007 on - lawyers

* Anti-corruption steps approved by board

* Shares down 1.8 percent by 1140 GMT, lagging DAX

(Adds quotes, background)

FRANKFURT, July 8 (Reuters) - German industrial group MAN SE (MANG.DE) has not unearthed any slush funds so far as part of an investigation into whether it used bribes to win business, the company said on Wednesday.

Law firm WilmerHale, which is running the probe, briefed MAN's supervisory board on its findings since taking up the investigation in mid-May.

"As things currently stand, the proportion of illegal commission payments is said to be containable and to primarily relate to the years leading up to 2006," a statement said.

"WilmerHale reported that the number of suspicious cases drastically fell from 2007 onward and that there were no indications of so-called 'slush funds'."

The board approved a five-step anti-corruption programme that includes reporting suspicious cases to prosecutors, strengthening compliance steps and increasing audit staff. (Reporting by Michael Shields)



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