Expatica countries
Index Last Var.(%)
BEL 20 3083.51 0.32
DAX 9605.08 0.17
IBEX 30 10058.5 -1.04
CAC 40 4387.61 -0.20
FTSE 100 6806.86 -0.05
AEX 397.5 -0.20
DJIA 16272.65 0.46
Nasdaq 4318.933 0.63
FTSE MIB 20298.33 -0.11
TSX Composite 14214.35 0.18
ASX 5415.4 -0.10
Hang seng 22836.96 0.04
Straits Times 3110.78 0.45
ISEQ 20 836.3 0.23
EUR / USD 1.37976 0.67
EUR / GBP 0.82571 0.59
USD / GBP 0.598544 -0.10
Gold 1329.6 -0.13
Oil 108.9 -0.76
Silver 21.28 0.08
You are here: Home News German News Ex-Siemens executive pays 1.2 million euros: report
Enlarge font Decrease font Text size

08/05/2010Ex-Siemens executive pays 1.2 million euros: report

A former executive of the German electronics giant Siemens, suspected of paying bribes to Greek politicians, has paid the company 1.2 million euros in an out-of-court settlement, news reports said Saturday.

Michael Christophorakos, who has dual German-Greek citizenship, was general director of Siemens' Greek subsidiary from 1996 to 2007.

German and Greek investigators suspect him of having paid bribes to Greek politicians to obtain a contract with the country's telecommunications operator OTE.

He was arrested in June last year in a house south of Munich where he was hiding, a month after an international warrant for his arrest was issued by Greek authorities along with a request for his extradition.

He was released in late 2009 after a court ruling and was never extradited.

Der Spiegel magazine said in its issue to be published on Monday that Siemens had claimed damages as early as late 2008.

A number of former Siemens executives, implicated in corruption scandals, have agreed to paying damages as part of out-of-court settlements.

Klaus Kleinfeld, then Siemens' chief executive stepped down in 2007 to allow the company to focus on weathering the far-reaching corruption scandals. He and another Siemens boss, Heinrich von Pierer, have both paid compensation.

Siemens paid out 1.3 billion euros in bribes to foreign officials in exchange for landing lucrative contracts between 2000 and 2006, making it the biggest scandal in corporate German history.

© 2010 AFP

0 reactions to this article

0 reactions to this article

Discussion Forums

Community Noticeboard Germany

English Comedy in Berlin

Personal Finance in Germany

Weekly currency crunch

Americans in Germany

Buy German Biometric Passports,Driving License

Community Noticeboard Germany

Buy German Passports,Driving

Humour in Germany

Buy Both Real And High Quality passports, DL, ID cards

participate in the forums

Inside Expatica
The ABCs of the German school system

The ABCs of the German school system

What you need to know about German schools and daycare.

German immigration and residency regulations

German immigration and residency regulations

Want to move to Germany but haven’t figured out the details? Check out Expatica’s overview of the German permit system.

Driving in Berlin: Rules, habits and fines

Driving in Berlin: Rules, habits and fines

In part one of our two part series, we cover the driving culture in Berlin, where to park and buy gas and, most importantly, the laws.

Looking for work in Germany: The in depth version

Looking for work in Germany: The in depth version

Our comprehensive guide includes information on how to find work, recruitment agencies, employment contracts and labour law.