Siemens to Pay $1.3 Billion in Bribery Settlement

16Dec/080

SIEMENS TO PAY $1.3 BILLION IN BRIBERY SETTLEMENT

Siemens AG, rocked by corruption cases that have cost the company both prestige and money, agreed Monday to pay more than $1 billion in fines in Germany and the United States. Under the terms in the U.S., Siemens and three of its international subsidiaries will pay approximately $450 million to the Justice Department to settle charges of making bribes and trying to falsify corporate books from 2001 to 2007. It will pay another $350 million to settle charges from the Securities and Exchange Commission.