An internal audit and an external investigation requested by Colas Rail revealed that suspicious payments in euros and in local currency were made to local consultants in a foreign subsidiary.
鈥淔aced with this unacceptable situation, Colas Rail has filed a complaint in France,鈥� said a statement by the company. 鈥淭he contracts of these consultants have been withdrawn and all payments prohibited. In consultation with the client, Colas Rail has initiated discussions with a recognized local company to transfer the construction contract, for which work has already begun. This solution, if successful, should not have significant economic impact on the Colas Group.鈥�
Colas Rail and parent company Colas will cooperate fully with the judicial authorities, said the statement. 鈥淭he Group immediately took disciplinary action and reinforced both its internal control system and compliance program.鈥�
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