That was very common/de rigueur in Europe - taking an Anglo-American song, rerecording it and giving it a new set of national lyrics gave you claim to half the respective national royalties of the translated version.
Some examples (I believe you will recognize the original in each and every case - answers on a postcard ...):
Even reputable acts did it, albeit under a fake moniker, Klaus and the boys said they needed the money at the time, the Scorps were up-and-coming, but also broke in the mid-seventies, to continue touring and build their career they had an idea, possibly after having opened for Brian, Steve, Andy & Mick on a German tour ...