German aviation company accuses Ruag of balance sheet fraud
Published: Monday, Sep 30th 2024, 13:00
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The German company General Atomics Europe (GAE) is accusing the Swiss company Ruag International of balance sheet fraud. The German company is demanding compensation of more than 40 million euros. A corresponding lawsuit was filed with the Munich II Regional Court in August.
The Bavarian court confirmed on Monday at the request of the Keystone-SDA news agency that a lawsuit had been filed by GAE against Ruag in August. The lawsuit is before the court but has not yet been served on Ruag.
40 million demanded
According to the plaintiff, Ruag allegedly overstated the assets of one of its subsidiaries in its official accounts. This was stated in an investigation published by Tamedia on Monday. As a result, GAE 2021 overpaid 40 million euros for the subsidiary, Ruag Aerospace Services, according to the allegation.
The basis for the purchase was a falsified annual report. The decisive annual financial statements for 2019 were only submitted two weeks before the contract was signed, although they should have been published three months in advance by law, the report continued. GAE claims that two dozen balance sheet items were grossly manipulated. This finding was confirmed by two auditing firms.
Ruag is aware of the allegations. They were examined internally and found to be unfounded, the company announced on request. The annual financial statements in question had been audited by an external auditing company at the time. It had also been submitted to GAE for careful examination and had not been questioned.
©Keystone/SDA
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