Friday, September 28, 2007

Siemens Bribery Probe Keeps Expanding . . . Again

The internal investigation of corrupt payments at Siemens A.G. just can't seem to stop these days.  New York law firm Debevoise & Plimpton reportedly has told the company's managing board that the suspicious payments to obtain overseas contracts involve upwards of 1.6 billion euros, far more than the original disclosure of questionable payments of more than 400 million euros.  More importantly, the investigation shows the payments were not limited to Siemens' telecommunications unit, but also involve the power generation division and other units of the company.  As the extent of its foreign bribery grows, so too does the likelihood that Siemens will face a substantial criminal fine and may have to plead guilty in the U.S. to a Foreign Corrupt Practices Act violation rather than receive a deferred prosecution agreement.  An AP story (here) discusses the latest development at Siemens. (ph)

http://lawprofessors.typepad.com/whitecollarcrime_blog/2007/09/siemens-bribery.html

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Multinational industrial giant Siemens A.G. settled with German prosecutors the probe of corrupt overseas payments by its telecom unit by agreeing to pay €201 million. The company will also pay an additional €179 million to the tax authorities because ... [Read More]

Tracked on Oct 5, 2007 2:32:14 AM

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