I think that would be the case even then. See if you have your own content there is no problem for you to translate it or put it up on different places. Google only punishes duplicate content, so as there is nothing duplicate about translated content so it would be more of a copy right issue rather than a Google penalty.
All in all sounds like a good way to get free new fast content, innit?well if you even use it to promote only the cb product I cant see an issue you are doing them a favor. Ask them for some $ in return for translating it for them officially ... other than that people are unlikely to find out unless you just use g translate which wont work to german anyway. so for other stuff you can just rewrite it and translate then you should be good.