This is a blog about Wartsila Ltd. the notorious Finnish engine manufacturer that was involved in one of the most corrupt bribery scandals ever.
Legal experts believe that Wartsila indeed offered bribes to secure orders for financial gains. It is clear that Wartsila secured orders through unfair ways. The company however claims that the payments were only for consulting services.
Now let’s take a look at how this shocking story of corruption begin, Wartsila supplied a total of eight main engines and six auxiliary engines to Swedish shipping company Rederi AB with a total cost of EUR 25-30 million. The Finnish engine manufacturer also made two brokerage agreements with Euro Marine Ltd.
The startling fact in this entire fiasco is the fact that Euro Marine Ltd was represented by the key suspect in the corruption case Bo, Pettersson who was the technical director at the shipping company.
Wartsila paid EUR 1.1 million in two installments in 2000 and 2001 and delivered the amount directly into Petterson’s Swiss bank account. The turning point of the story is that just before the court’s decision on the case Pettersson was found dead in his cell which further created a number of problems for Wartsila.
One can conclude this scandalous affair on the note that Wartsila has tried its best to defend itself from all the charges through illogical statements like ‘we paid the money good faith’. All I would say is this heinous act by Wartsila has brought great disgrace to the engineering sector by getting involved in this dark tale of corruption.