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Banknote press manufacturer KBA-NotaSys has been fined
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Written by Staff Writer
Banknote press manufacturer KBA-NotaSys has been fined one symbolic Swiss franc following a corruption scandal, but will also pay a multimillion euro settlement. The Swiss manufacturer of specialist presses for security printers is a subsidiary of Germany-headquartered press manufacturer KBA. KBA-NotaSys reported itself to the Swiss public prosecutor in 2015 after it uncovered evidence that bribery had taken place between 2005-2015 in a number of countries it operates in. The fact that the company reported itself to the authorities resulted in the symbolic fine. In a statement, the KBA-NotaSys said: “The settlement regards the failure to prevent bribery in the context of historical orders in Brazil, Nigeria, Morocco and Kazakhstan. KBA-NotaSys will disgorge profits from projects in these four countries between 2005 and 2012 to the Swiss authorities.” The settlement amounts to €27.8m (£24.2m). Part of it will be used to create an Integrity Fund, with CHF5m (£4m) to be spent on promoting ethics, integrity and compliance in the banknote printing industry.