Shipping giant denies bribe claim

Sunday Express June 18 2006

Shipping giant denies bribe claim

The world’s third-largest container shipping company, CMA CGM, has denied bribing Egyptian port officials despite global concerns over. Legal action underway in Egypt.
The € 5 billion (₤3.4 billion) company, headed by Jacques Saadé, said it had not bribed or tried to bribe Egyptian officials, despite the arrest of Aly Massad Saad, chairman of Damietta Cargo Terminal. He was paid up to $10,000 a month by the company for a number of years. CMA CGM then tried to pay the terminal $3.1 m (₤1,7 m) in compensation.
Saadé said: “They have been paid by the office in Egypt. No money was taken from France”.
The company added: “We confirm that we have undertaken an internal investigation and audit on the subject in cooperation with the Egyptian authorities.”
CMA CGM confirmed senior staff, including the Egyptian financial controller, were being questioned by Egyptian authorities.
The situation will alarm countries such as the US where politicians successfully lobbied to prevent Dubai company DP World taking over UK port company P&O’s US assets over security concerns. CMA CGM said: “We have no assurance to give. This practices is not authorized in our group.”
The US State Department confirmed it was looking into the matter.