KNDS, the Franco-German tank maker behind Leopard 2 tanks, has launched an independent probe into bribery allegations surrounding a 2013 deal with Qatar's military. This investigation comes just months before the company's planned €20 billion stock market listing, creating uncertainty for investors as the company prepares for dual listings in Frankfurt and Paris this summer.

The probe focuses on multimillion-euro payments to intermediaries linked to Qatari officials in connection with the delivery of 24 PzH 2000 artillery systems and 62 Leopard 2 tanks. Freshfields, the law firm conducting the investigation, will work alongside KNDS's auditor PwC, which has delayed signing off on the company's 2025 financial accounts pending results.

Despite the probe, KNDS maintains there is "no evidence" of criminal misconduct by its employees and claims the investigation is "well advanced." The company, owned equally by the French state and wealthy German families, has continued with analyst meetings for the listing. The allegations, first reported in 2019, previously led Munich prosecutors to drop their case due to insufficient evidence and expired statutes of limitations.