Industrial company Ferrostaal AG shareholders have approved a EUR149 million fine to settle allegations that managers paid bribes to secure a EUR1.6 billion order for submarines in 2000.  

In a statement, the chief executive of Ferrostaal, Mr Jan Secher, said “During the past months, we have cooperated extensively with the judicial authorities to clear up the massive allegations of corruption and breach of trust. This was a tremendous burden for our company, employees, customers and business partners”.

Nevertheless, a spokesperson from the public prosecutor and district court has said that there was no agreement between the company, the public prosecutor and the district court on a EUR149 million settlement. A court spokesperson said that a agreement of this size would need to be decided upon in court.