The Bribery Scandal at Siemens AG

            
 
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Case Details:

Case Code : BECG106
Case Length : 18 Pages
Period : 2006-2009
Pub Date : 2010
Teaching Note : Available
Organization : Siemens AG
Industry : Diversified
Countries : Germany

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"Based on our investigation so far, we have reason to suspect that Siemens ran 'black accounts' ... that allowed it to open new markets through secret payments to potential and existing business partners." 1

- Jeanette Balmer, a spokeswoman for the office of the Swiss federal prosecutor, in 2006.

"Many people within Siemens knew about the method of payment. Getting a contract isn't easy." 2

- Horst Vigener, former Siemens employee convicted in a bribery case, in 2007.

"What hopefully will come out of the Siemens affair ... is that senior business leaders, when they see what happens to Siemens in terms of fines and the lost reputation of individuals like von Pierer or Kleinfeld, is that they will say 'OK, we need to start taking this seriously'."3

- Jermyn Brooks, director of private sector programs at Transparency International, in 2007.

Introduction

In December 2008, the Munich, Germany-based Siemens AG (Siemens) agreed to pay fines to the tune of €1 billion towards settlement of corruption charges that had hit the company since 2006. This included a record US$800 million fine imposed by the US authorities and another €395 million imposed by German authorities.

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The Bribery Scandal at Siemens AG - Next Page>>


1] Michael Pohl, "Siemens Investigation Yields 5 Arrests," www.boston.com, November 16, 2006.
2] "Former Siemens Managers Admit to Paying Bribes for Contracts," www.dw-world.de, March 13, 2007.
3] The Associated Press, "Questions Linger after Bribery Scandal Claims Pair of Siemens Executives," www.iht.com, May 03, 2007.

 

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