The National reported that International Petroleum Investment Company, an Abu Dhabi investment fund, sold its majority stake in the scandal ridden German project management company Ferrostaal.

The Abu Dhabi owned investor in oil and industrial assets took a loss on the sale, receiving EUR 350 million for its 70% stake in the company from Germany's lorry manufacturer MAN, which sold it to Ipic for EUR 450 million in 2009.

Mr Khadem Al Qubaisi MD of Ipic said “This settlement is the outcome of very good cooperation between both shareholders and enables IPIC and MAN to finally put their differences aside.”

A bribery scandal erupted at the European company when an internal probe in May found it had paid close to EUR 9 million to win business, and a further EUR 81 million was unaccounted for. A month earlier, German prosecutors charged two executives with paying more than EUR 62 million in bribes between 2000 and 2007 to win submarine orders from Greece and Portugal. Last month, Ferrostaal announced its owners had agreed to pay EUR 149 million in fines.

Ferrostaal was part of Ipic's strategy to develop its footprint in the petrochemicals industry and contribute to growth of the downstream industry in the emirate.

(Sourced from thenational.ae)