Summary:
German aviation company accuses Ruag of balance sheet fraud
Keystone-SDA
Listen to the article
Listening the article
Toggle language selector
English (US)
German aviation company accuses Ruag of balance sheet fraud
Keystone-SDA
Generated with artificial intelligence.
German aviation company General Atomics Europe (GAE) has accused Swiss state-owned technology firm Ruag International of fraud relating to the sale of a subsidiary.
The German company is demanding compensation of more than €40 million. A corresponding lawsuit was filed with the Munich II Regional Court in August.
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 overpaid €40 million for the subsidiary, Ruag Aerospace Services in 2021, 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.
More
More
Ruag International’s sales drop amidst privatisation push
This content was published on
In the 2023 financial year, aerospace company Ruag International continued its Group reorganization efforts.
GAE claims that two dozen balance sheet items were grossly manipulated. When asked by the Keystone-SDA news agency, Ruag rejected the allegations.
Translated from German by DeepL/mga
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.
If you want to know more about how we work, have a look here, if you want to learn more about how we use technology, click here, and if you have feedback on this news story please write to [email protected].
More
SWISS continues to suspend Tel Aviv and Beirut flights
This content was published on
Swiss airline keeps Tel Aviv and Beirut flight bans in place for the coming weeks.
Marco Campanella named Switzerland’s ‘Chef of the Year 2025’
This content was published on
Marco Campanella was named ‘Chef of the Year 2025’ by GaultMillau Switzerland on Monday. He is “the next great culinary talent of Switzerland”.
Far-right extremists sentenced for disorder at Zurich Pride
This content was published on
Six members of the far-right "Junge Tat" were sentenced for disrupting a church service and a drag queen children's reading at the 2022 Pride Festival.
Over a third of Swiss seniors suffer from loneliness as volunteer shortage worsens
This content was published on
“Loneliness has serious health consequences and significantly reduces life expectancy,” Pro Senectute warned in a press release on Sunday.
Swiss cantons could save over CHF13 billion, study shows
This content was published on
In education alone, over five billion could be saved in principle each year, according to an analysis by the University of Lausanne and consulting firm PwC.
CERN to expel 500 Russian scientists from November 30
This content was published on
The European Organization for Nuclear Research (CERN) is to cut cooperation with 500 scientists affiliated with Russian institutions from November 30.
SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.
by 
