alstom shares rise as uk chief quits over corruption probe
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Alstom shares rise as UK chief quits over corruption probe

Arab Today, arab today

Arab Today, arab today Alstom shares rise as UK chief quits over corruption probe

Alstom, which has focused on transport since General Electric bought its energy business
Paris - Arab Today

Shares in French transport giant Alstom powered higher on Wednesday on an upbeat growth outlook just as its UK chief stepped down over corruption allegations and its Brazilian managers were reportedly being probed for collusion.

Alstom, which has focused on transport since General Electric bought its energy business, said it expected to grow organic sales -- generated by its own businesses -- by five percent annually between now and 2020. It also announced a cost-cutting programme and said it would boost its operating margin.

Investors welcomed the outlook, sending Alstom shares 4.1 percent higher to 23.81 euros on the Paris stock exchange.

But also on Wednesday, the company said that the head of its British operations, Terence Watson, had stepped down over corruption allegations after being charged by the Serious Fraud Office (SFO).

"Alstom has been made aware of the recent decision by the SFO to press charges against Mr Terence Watson in the context of on-going proceedings by the SFO alleging illicit payments by Alstom Network UK Limited in relation to a transportation project," it said.

Watson is accused of having been involved in corruption between 2003 and 2008 in connection with a contract to supply the Budapest metro with trains, the SFO said Tuesday.

Watson told Alstom that he is contesting the accusations, the company said.

Meanwhile in Brazil, press reports said Tuesday that five Alstom managers were under investigation for operating a cartel with other companies to divide up Sao Paolo transport contracts without tendering competing bids.

A Sao Paolo judge said that only individuals were targeted by the probe, not Alstom as a company, they said.

Managers at Bombardier, Siemens and Mitsui, among others, were also being investigated for the "economic crime" of collusion, they said.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

alstom shares rise as uk chief quits over corruption probe alstom shares rise as uk chief quits over corruption probe

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

alstom shares rise as uk chief quits over corruption probe alstom shares rise as uk chief quits over corruption probe

 



GMT 21:16 2016 Monday ,27 June

Zaki Badr discusses cleaning problem in Giza

GMT 21:46 2017 Saturday ,14 January

Turkey arrests 60 businessmen for alleged Gulen ties

GMT 22:38 2017 Friday ,24 March

Abbas meets with Merkel in Berlin

GMT 09:02 2017 Monday ,27 March

Tunisian Premier Concludes Visit to Sudan

GMT 15:54 2017 Friday ,01 September

Attorney General Directs Prosecutors to inspect Prison

GMT 09:22 2017 Sunday ,31 December

HM King condoles with Afghanistan President

GMT 10:12 2016 Wednesday ,06 April

Strong dollar, mild weather shrink H&M profits

GMT 17:03 2016 Saturday ,24 December

7 police killed in attacks in Afghansitan

GMT 13:51 2017 Friday ,17 March

Israel denies Syria shot down a warplane

GMT 04:08 2017 Thursday ,05 January

Carbon tax can fund clean energy transition

GMT 19:27 2016 Wednesday ,14 September

Alstom to go ahead with plans to shut down Belfort plant
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday