Siemens Will Pay $1.3B in Fines for Global Corruption

Company settles on US charges for $800M, shells out more over German accusations
By Harry Kimball,  Newser Staff
Posted Dec 15, 2008 3:15 PM CST
Peter Loescher, CEO of German industrial conglomerate Siemens.   (AP Photo)
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(Newser) – German engineering conglomerate Siemens pleaded guilty today to an international pay-to-play scheme and will pay the US $800 million in fines, the Wall Street Journal reports. It will also give $528 million to the German government—adding to a $275 million payout last year.

Siemens admitted that it bribed officials in 10 countries around the world to guarantee contracts for everything from trains to power lines to identity cards. Investigators have had their eyes on the company since 2006; countries involved include China, Israel, and Iraq.