Tognum takes initial, decisive measures regarding ongoing compliance investigation
Posted on October 28, 2011
Tognum announced several initial, decisive measures today regarding the ongoing investigation into potential improper payments by its subsidiary MTU Asia.
- Supervisory Board and Board of Management adhere to strict zero tolerance policies
- Board of Management will continue to pursue issues with highest priority and take decisive remedial action
- Immediate, comprehensive and rigorous independent review into compliance systems at Tognum and their effectiveness has been initiated
- Board Member Peter Kneipp relieved of his duties by mutual agreement effective immediately
Friedrichshafen, 28 October 2011. Tognum announced several initial, decisive measures today regarding the ongoing investigation into potential improper payments by its subsidiary MTU Asia. This investigation was initiated by Tognum in February 2011 after the company received external information. Preliminary results of this investigation have been submitted to the supervisory board, leading to the measures announced today. Tognum had already informed state prosecutors in Ravensburg and pledged full cooperation with any separate investigation by the German Authorities.
Supervisory Board and Board of Management of Tognum both adhere to strict policies of zero tolerance towards bribery and corruption. The new supervisory board with members of majority shareholders Daimler and Rolls-Royce, together with the Management Board of Tognum, will continue to work with the highest priority and care to clarify these issues as well as to take decisive remedial action. To ensure the consistent application of the highest standards of conduct across the organization, Tognum has ordered an immediate, comprehensive and rigorous independent review of Tognum's compliance systems and their effectiveness.
The supervisory board and Peter Kneipp, member of the Board of Management and formerly in charge of MTU Asia, have mutually agreed that Mr. Kneipp will be relieved of his duties. Peter Kneipp is interested in a fast and full investigation of the matter, also in the interest of Tognum. He will fully support the investigation of the district attorney. The supervisory board has therefore relieved Mr. Kneipp from his duties effective immediately.
His tasks will be taken over by Tognum CEO Joachim Coers.