Siemans Agrees $1.3 Billion Settlement for International Bribery Charges
Rounding off what has been a bad year for the electronics engineering giant Siemans, comes the anticipated news of the more than $1 billion payment the company has agreed as settlement of bribery charges in Europe and the US.The terms of the agreement in the US stipulate that Siemans, including 3 of its subsidiaries, will pay roughly $450 million to settle bribery charges and attempts to falsify company books from 2001 to 2007. A further $350 million is to be paid to settle charges from the US Securities and Exchange Commission.
In Germany, Munich-based Siemans will pay more than $800 million to settle corruption charges, and a further Euro 395 million to the European authorities.
