Panalpina share price hit by bribery probe
Panalpina's share price this morning tumbled as much as 9 percent following an announcement from the Swiss logistics firm that it is involved in a bribery probe in the United States.
The Basel-based company has launched an internal investigation following a request by a U.S. district court that its U.S. unit produce documents related to its services to Nigeria for a specific customer and its contractor.
“This request was triggered by the plea agreement of such customer with the U.S. authorities for allegedly making improper payments to Nigerian officials to secure preferential customs treatment,” Panalpina said in a statement late Tuesday.
The U.S. authorities have since extended the scope of their review to Panalpina's documents related to services into Nigeria, Kazakhstan and Saudi Arabia for a limited number of customers.
“As the proceeding is at an early stage, no conclusions can be drawn at this time as to what remedies U.S. authorities may seek,” Panalpina said.
Panalpina’s share price recovered slightly by 13.00 GMT to 234.7 Swiss francs ($193.5), down 5.4 percent on Wednesday’s closing price.