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Fugitive Israel director arrested for Siemens bribes

Emblem of the Israeli police (image courtesy of Wikipedia)Israel arrested a former judge and state electric company executive who allegedly took bribes from Siemens in exchange for huge contracts to supply gas turbines.

Dan Cohen was extradited this weekend from Peru after being a fugitive from Israel since 2005.

He was a district judge from 1978 to 1981 and a director of the Israel Electric Corp (IEC) from 1993 to 2004, Reuters said.

He’s accused of taking about €1 million while at IEC to steer turbine contracts worth hundred of millions of dollars to Siemens. The losing bidder was General Electric.

Prosecutors allege Siemens deposited the money in a foreign bank account for Cohen.

Investigators believe he took more than $4 million in bribes from several companies during his tenure at IEC.

The money is allegedly in a safe deposit box at ‘a bank in an unknown country,’  Haaretz said.

Siemens paid $800 million in 2008 to resolve global FCPA violations. In Germany, Siemens paid €596 million in 2007 and 2008 to settle actions brought by the Munich Public Prosecutor. Last year, the company announced a settlement with the Greek government valued at €270 million.

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