€1.3 Billion In Questionable Payments Have Been Found; Investigations Involve Multiple Divisions and Countries; Oil-For-Food Program Is Also Involved Siemens AG’s November 8, 2007 earnings release for Fiscal Year 2007 and a separate document called “Legal Proceedings” disclosed the most comprehensive information yet about corruption prosecutions and ongoing investigations involving the German industrial conglomerate. Among […]
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Siemens AG — the German industrial giant enmeshed in a global corruption scandal — said this week that for fiscal 2007 it will delay ratifying acts of individuals who have served on its managing board at any time since 1999. President and CEO Peter Löscher, who joined Siemens after the events under investigation occurred, and […]
The Federal Communications Commission fined Siemens Corporation and Siemens Medical Solutions $175,000 Thursday for failing to disclose corporate felony convictions as required by the FCC’s rules.
German news magazine Spiegel posted a story online on April 12, 2008 (here) alleging that Siemens’ former chairman Heinrich von Pierer and its executive board members may have been aware of “systematic corruption at the German multinational firm as far back as 2004.” Spiegel describes previously unreleased internal memos written by Siemens’ former head of […]
[Updated and Corrected] It was a corporation that tolerated fraud, deceit and concealment. There were slush funds used to bribe public officials. There were phony contracts and fake invoices to cover up the corruption, and there was a boardroom that knew for years what was happening but feigned ignorance. And yet it was one of […]
The former chief financial officer of Siemens S.A. – Argentina pleaded guilty Wednesday in federal court in New York City to conspiring to pay tens of millions of dollars in bribes to Argentina government officials in connection with a $1 billion contract to create national identity cards.
Siemens AG’s former CFO Heinz-Joachim Neubürger will pay the company €2.5 million ($3.1 million) to settle a civil recovery claim connected to the global bribery scandal Siemens resolved with U.S. and German authorities in 2008.
A compliance officer for Siemens’ heathcare business in China said in a federal lawsuit this week that he was fired a week after complaining about the company’s risky business practices.
A former Siemens executive charged by the SEC with violating the Foreign Corrupt Practices Act has reached agreement in principle to settle his case.