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Steel

ThyssenKrupp probes suspected bribes at former marine venture - paper

FRANKFURT, Aug 6 (Reuters) - Germany’s ThyssenKrupp is investigating old cases of suspected bribery at its former submarine joint venture Marine Force International, business daily Handelsblatt reported.

The newspaper said it had seen thousands of pages of internal documents that cast doubt on the methods used to secure deals in Turkey, South Korea, Pakistan and Indonesia.

ThyssenKrupp declined to comment directly on the report but said a review of the venture’s activities by U.S. law firm Debevoise & Plimpton in 2010/11 found no evidence or grounds for suspicion of corruption.

It also said the law firm’s report at the time prompted it to review compliance rules at its marine business, adding it had given a clear signal by exiting the venture in 2011 that it wanted to make submarine sales transparent.

“ThyssenKrupp Marine Systems has made significant progress in terms of compliance in recent years to reflect the specific risks of this business area,” ThyssenKrupp said in an e-mailed statement.

ThyssenKrupp’s Marine Systems unit made sales of 1.48 billion euros ($1.61 billion) last year. It builds naval vessels, surface ships and submarines.

$1 = 0.9180 euros Reporting by Georgina Prodhan; Editing by Mark Potter

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