In Business This Week
AN UGLY ACCUSATION AT GENERAL ELECTRIC
A suit filed against General Electric on Apr. 21 by a former executive reads like a spy novel. Allegations include attempted price-fixing in the industrial-diamond business, a kickback scheme, and expense-account cheating. Former GE Vice-President Edward Russell claims he was wrongfully fired in November after protesting an alleged GE conspiracy with De Beers Consolidated Mines of South Africa to manipulate the industrial-diamond market.
A GE spokesman says the company is reviewing Russell's charges but has no reason to believe they have merit. He says Russell was fired because of poor performance. And GE is cooperating with a Justice Dept. inquiry into price-fixing in the industrial diamond business.EDITED BY HARRIS COLLINGWOOD