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WEDNESDAY, NOVEMBER 25, 2009
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Siemens Will Pay $1.3B in Fines for Global Corruption

Company settles on US charges for $800M, shells out more over German accusations

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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.

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)
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On the German trial earlier this year
Daily Telegraph (UK)

A look back at the history of the investigation
Reuters

When the scandal first came to light
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Germany • corruption • guilty plea • engineering • Siemens • federal judges • fines • industry • federal prosecution • conglomerate

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