Former exec of ASX giant arrested over bribery scandal // Motley Fool Australia

A former top-ranking executive for Cimic Group Ltd (ASX: CIM) was arrested Wednesday morning at his Brisbane home.

Russell Waugh is scheduled to appear in Brisbane Magistrates Court facing 2 charges of bribery-related offences, plus falsifying books and knowingly providing misleading information.

The 54-year-old’s arrest is the climax of a marathon 9-year investigation for the Australian Federal Police.

In November 2011, AFP received a report that Leighton Holdings’ (now known as CIMIC) overseas arm Leighton Offshore Pty Ltd allegedly made “improper payments” regarding Iraqi oil infrastructure contracts.

That triggered an enquiry that revealed a complex web of foreign entities designed to allegedly funnel bribes through.

At…