Monday, December 15, 2008
Siemens Agrees To Pay Record Fine For Longstanding Bribery Case
Siemens AG, the diversified German-based engineering company, agreed to pay a record $800 million fine to settle charges the company had violated the anti-bribery provisions of the Foreign Corrupt Practices Act. According to prosecutors, Siemens agents paid more than $1.4 billion in bribes to foreign officials dating back to 1998 to obtain contracts in various countries around the world. German prosecutors also brought charges against the company which it settled for $856 million. Three former managers of the company who were involved in the case received suspended prison terms by German courts earlier this year.