Scania Acquitted of Suspected Violation of UN's Sanctions
SÖDERTÄLJE, Sweden--(BUSINESS WIRE)--Regulatory News:
“I welcome the district court’s verdict of acquittal. The ruling is a great relief for Scania and particularly for the two managers who were indicted”
Scania (STO:SCVA)(STO:SCVB) was acquitted on all counts in the state prosecutor’s indictment regarding violation of the United Nations sanctions provisions in connection with deliveries to Iraq during the years 2001-2003. This was the verdict given by Södertälje district court today.
“I welcome the district court’s verdict of acquittal. The ruling is a great relief for Scania and particularly for the two managers who were indicted,” says Scania President and CEO Martin Lundstedt.
Scania was one of a number of Swedish companies that were included in the state prosecutor’s investigation into suspected breaches of the UN’s sanctions provisions. When the Saddam regime, in contravention of the sanctions provisions, started to demand kickback payments in 2000, Scania stopped doing business with the country and also informed the United Nations and Swedish authorities of this.
Scania’s position, which has now also been confirmed by today’s verdict in Södertälje district court, is that none of the company’s employees or former employees breached the UN sanctions provisions.
Scania is one of the world’s leading manufacturers of trucks and buses for heavy transport applications, and of industrial and marine engines. Service-related products account for a growing proportion of the company’s operations, assuring Scania customers of cost-effective transport solutions and maximum uptime Scania also offers financial services. Employing some 41,000 people, the company operates in about 100 countries. Research and development activities are concentrated in Sweden, while production takes place in Europe and South America, with facilities for global interchange of both components and complete vehicles. In 2013, net sales totalled SEK 86.8 billion and net income amounted to SEK 6.2 billion. Scania press releases are available on www.scania.com (http://www.scania.com/se)
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