Switzerland reveals irregularities in transactions with Leopard 1 tanks

The Swiss Financial Market Supervisory Authority FINMA has identified irregularities in a deal involving the purchase by the state arms company RUAG of 100 Leopard 1 tanks in Italy in 2016 and their subsequent storage in that country, Report informs referring to TASS.

RUAG Chairman Nicolas Perrin has resigned and the company faces a new audit for possible fraud, the Swiss government, the Federal Council, said.

As the government explained, the FINMA conducted an investigation regarding compliance with guidelines in transactions related to Leopard 1 tanks and identified deficiencies in the management system.

This concerns, in particular, non-compliance with the required procedures when purchasing Leopard 1 in Italy - this transaction was not approved by the board of directors of RUAG. The company did not properly inform the Federal Department of Defense, Civil Protection and Sport, as well as the Federal Department of Finance, about the purchase of tanks.