Volvo CEO to shell out nearly $700k to settle MAN corruption investigation
The agreement stems from a desire to avoid a lengthy trial for Volvo's new CEO. As Samuelsson himself points out to Bloomberg, "I would have preferred to go through with the trial as I don't have any doubt about my innocence. But this wouldn't have been compatible with my role as Volvo CEO, and I want to leave Germany with passably positive impressions."
It's important to note that Samuelsson was not directly accused of bribery, unlike a certain elderly racing executive. Instead, the former head of MAN's auditing department testified that Samuelsson was merely aware of "possible corrupt practices." MAN as a whole was fined 150 million Euros in a 2009 inquiry, while several blue and white-collar workers were indicted, according to Bloomberg. Samuelsson will also pay 1.2 million Euros ($1.6 million) to MAN, which the company says will be "in recognition of his corporate-governance responsibility as the former CEO."
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