Monday, March 1, 2010

The Dispicable Acts of Wartsila

The Wartsila bribery scandal is one of the most despicable bribery cases in the history of the Finnish engineering sector.

The scandal is about Wartsila Ltd. a Finnish engine manufacturer that offered huge bribes to a corrupt official of a European Marine company in order to secure certain protective orders.

Swedish law officials claim that Wartsila offered a huge amount to the marine company to secure orders for profits. The fact of the matter is that Wartsila secured these orders through unfair ways. Wartsila however refuted the claims and emphasized that the payments received were only for consultancy services.

The whole affair started when Wartsila provided a total of eight main engines and six auxiliary engines to a Swedish shipping company Rederi AB at a cost that totalled EUR 25-30 million. The Finnish firm also signed two other brokerage agreements with Euro Marine Ltd. This is where things took the turn for the worse as Euro Marine Ltd. was represented by Bo Petterson a corrupt official who Wartsila tried to bribe. It is claimed that Wartsila transferred EUR 1.1 million in two installments directly into Petterson’s Swiss bank account in order to lure Petterson in the dirty deed.

Wartsila’s fortune was further jeopardized when Bo Petterson was found dead in his cell just before the court’s decision on the bribery case and this further put the Finnish firm into trouble.

To conclude one thing is definitely crystal clear and that is the fact that Wartsila has literally tried to malign the reputation of the Finnish engine manufacturing sector through its corrupt practices and whatever the final verdict is on the case it is very clear that Wartsila is a firm that cannot be trusted for any contractual obligations .

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1 comment:

  1. Never put both feet in your mouth at the same time, because then you will not have a leg to stand on.............................................