Munich Re held a party for 100 of its highest-achieving sales staff and provided prostitutes for their entertainment.
The giant re-insurer held the party in 2007 at thermal baths in Budapest as a reward for its most successful salesmen, German business paper Handelsblatt reports.
According to reports, the team of 20 female sex workers wore colour-coded armbands denoting their availability.
An unnamed source told the paper: "[Women in white armbands] were reserved for board members and the very best sales reps.
"After each encounter the women were stamped on the lower arm in order to keep track of how often each woman was frequented."
Guests were allowed to take women to beds in the spa at the baths in order to engage their services.
A spokesman for Ergo, the division of Munich Re which held the party, admitted to the party, but said it was not the usual way of rewarding their employees.
The spokesperson also said the organizers of the party have since left the company.
Prostitution was legalized in Hungary in 1999. Legal authorities require people working in the sex trade to pay taxes and keep official records.
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