ABB gives 5.5 Francs million for Nazi slave labour victims
The Swiss-Swedish electronics concern, ABB, has paid SFr 5.5 million (DM7 million) to compensate slave labourers used during the Second World War. ABB said it had already paid the cash following an accord concluded in Germany.
According to the technology company, the money amounted to one thousandth of last year’s turnover of its German affiliate.
Like other Swiss companies such as Nestlé, Georg Fischer and Algroup, ABB has been willing to participate in the global accord between Swiss Banks, UBS and Credit Suisse, and Jewish groups.
Under the settlement, which was approved by New York judge Edward Korman earlier this week, UBS and Credit Suisse will pay $1.25 billion in compensation to Holocaust survivors.
The judge also ruled that Swiss companies, which used slave labour, could be exempted from future lawsuits, provided they take part in the settlement. The companies are required to come forward within 30 days with the names of slave labourers that worked for them.
No compensation sum by Swiss companies has been fixed.
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