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A Munich Re unit has cancelled a trip to Monaco for top executives after details of a sex party in Budapest emerged and it became clear that the so-called incentive trips for sales execs have not been a single event.
Bild published videos and photos showing sales agents snorting white powder at a company-sponsored party, prompting Ergo, the Munich re subsidiary who owns accident and life insurance provider Hamburg Mannheimer, to deny the substance was cocaine.
Tequila and lemon are shown in the photographs alongside big lines of white powder. The company is not denying that these trips have taken place. Last Thursday, details of an organized sex party in Budapest emerged, prompting Munich Re to admit it had hired 20 prostitutes. The party for about insurance agents was held at Budapest's historic Gellert spa back in The executives who signed off on the party left the company before the "single incident" was exposed, Munich Re said.