Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook
Man Tries to Order Priciest Starbucks Drink Ever Total cost: $23.60 »

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

(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.

Peter Loescher, CEO of German industrial conglomerate Siemens.
Peter Loescher, CEO of German industrial conglomerate Siemens.   (AP Photo)
The Siemens headquarters in Munich, southern Germany.
The Siemens headquarters in Munich, southern Germany.   (AP Photo)
The Siemens Forum in Munich, Germany.
The Siemens Forum in Munich, Germany.   (AP Photo)
Siemens supervisory board chairman Gerhard Cromme, front, and Peter Loescher, CEO of German industrial conglomerate Siemens, today.
Siemens supervisory board chairman Gerhard Cromme, front, and Peter Loescher, CEO of German industrial conglomerate Siemens, today.   (AP Photo)
Johannes Feldmayer, former member of the board of Siemens group, leaves a courtroom in Nuremberg where he was sentenced to 2 years probation.
Johannes Feldmayer, former member of the board of Siemens group, leaves a courtroom in Nuremberg where he was sentenced to 2 years probation.   (AP Photo)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

More Newser Stories

Germans Get Engineers Started Young


NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne