Auditors find transfers totalling more than a billion euros in Siemens corruption case

13th August 2007, Comments 0 comments

13 August 2007, Berlin (dpa) - Siemens auditors have found illicit payments dating back to the early 1990s totalling more than a billion euros (1.4 billion dollars) during their probe of the traditional German industrial concern, according to a press report Monday.

13 August 2007

Berlin (dpa) - Siemens auditors have found illicit payments dating back to the early 1990s totalling more than a billion euros (1.4 billion dollars) during their probe of the traditional German industrial concern, according to a press report Monday.

The Munich-based Sueddeutsche newspaper said US lawyers and auditors had found the payments relating to the communications and power generation divisions of the company.

Internal auditors have been probing the company since December as part of a corruption affair in which payments were made in order to secure contracts.

The new information indicated that the "questionable payments" totalled three times more than previously thought, the Sueddeutsche said.

It quoted top managers as describing the amounts involved as "a shocking sum."

Some 900 million euros were linked to the communications division, as opposed to the 420 million acknowledged earlier by Siemens, the report said.

Illicit payments at the power generation division came to 250 to 300 million euros.

Two former Siemens managers in the power generation division received suspended sentences from a German court in May related to the payment of more than 6 million euros in bribes to two managers of the Italian energy concern Enel with the aim of securing contracts for Siemens gas turbines.

DPA

Subject: German news

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