Conti dismisses China managers over 'financial corruption' allegations

London - Continental AG has confirmed the dismissal of sales management team members at its China tire business due to allegations of 'financial corruption'.

“There has been a compliance violation, which is an 'internal occasion' and in the context of its internal investigations, Continental has responded quickly and dismissed several employees including management staff,” said Conti spokesman Alexander Bahlmann in a written correspondence with ERJ.

German daily Handelsblatt reported on 10 Sept that a number of managers at Continental’s China unit had been involved in the financial corruption case, adding that "the entire sales management team" had been dismissed as a result.

"This goes on to show that behind the term ‘zero tolerance policy’ at Continental there is a clearly defined concept, complete with the appropriate rules, and that in such cases these rules are strictly and systematically imposed.

“Based on our knowledge, as of today, the financial effect of this action can be classified as rather manageable,” Bahlmann added.