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Editors

Harry Cassin Publisher and Editor

Andy Spalding Senior Editor

Jessica Tillipman Senior Editor

Richard L. Cassin Editor at Large

Elizabeth K. Spahn Editor Emeritus 

Cody Worthington Contributing Editor

Julie DiMauro Contributing Editor

Thomas Fox Contributing Editor

Marc Alain Bohn Contributing Editor

Bill Waite Contributing Editor

Shruti J. Shah Contributing Editor

Russell A. Stamets Contributing Editor

Richard Bistrong Contributing Editor 

Eric Carlson Contributing Editor

Bill Steinman Contributing Editor

Aarti Maharaj Contributing Editor


FCPA Blog Daily News

« Saved By The Bell In Germany? | Main | Tidewater's Compliance Review Goes Global »
Friday
Oct052007

Siemens Settles Corruption And Tax Cases With German Prosecutors

Siemens AG said it will pay a €201 million fine in connection with global corruption allegations that will end the investigation by the Munich Office of Public Prosecution. In an October 4, 2007 press release, Siemens said it will also take a charge for taxes of €179 million for questionable payments of approximately €420 million that were improperly deducted.

The engineering and electronics giant based in Germany said its internal investigation into global corrupt practices is ongoing. It said it has already taken remedial measures to avoid sensitive payments and strengthen internal controls. On October 1, 2007, it announced the reorganization of corporate-wide legal and compliance responsibilities.

Siemens can now concentrate on reaching a resolution with U.S. prosecutors of potential U.S. Foreign Corrupt Practices Act violations.

Siemens AG's ADRs trade on the New York Stock Exchange under the symbol SI.

View Siemens' October 4, 2007 Press Release Here and its October 1, 2007 Press Release Here.

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