Corp-Ethics.com - Report: Siemens fined after bribery probe

Company	Siemens [Company Info]
	Track this Company (an email will be sent to you everytime a report is filed about this company)

Date	Issue	Title
4th Oct 2007	Other Issue	Siemens fined after bribery probe

Report

Siemens has been fined 210m euros ($248m; £145.5m) by a German court following an investigation over whether workers paid bribes to gain contracts.

Siemens also agreed to pay 179m euros to the tax authorities, after a failure to declare payments properly.

The decision comes amid a series of inquiries into whether the firm illegally gained telecom transactions.

The decisions conclude German investigations into "illegal conduct and tax violations", said Siemens.

The company said it would not appeal against the decision, made by the Munich District Court.

Allegations of corruption and bribery have prompted the arrest of several current and former executives.

In May, Andreas Kley was given a two-year suspended sentence for bribery and breach of trust, while Horst Vigener was given nine months' probation.

US law firm Debevoise & Plimpton has been conducting an independent enquiry into the firm that continues.

Other Reports on Siemens
Date	Issue	Company	Report
14th May 2007	Criminal Investigation	Siemens	Siemens ex-managers found guilty
18th Jun 2004	Questionable Practice	Siemens	Siemens staff told to work longer hours

Related Reports from the Electronics Industry
Company	Issue	Report
Infineon	Other Issue	Infineon rocked by bribery claims
Samsung	Other Issue	Samsung settles price fixing case
Sony	Questionable Practice	Inquiry into music downloading
Sony	Questionable Practice	Sony sued over controversial CDs
Intel	Questionable Practice	EU outlines Intel market abuse