The SEC reached a settlement with Siemens on charges that the man...
The SEC reached a settlement with Siemens on charges that the manufacturer violated the Foreign Corrupt Practices Act by engaging in a “systematic practice” of bribing foreign officials, the SEC said. Siemens agreed to pay $350 million in disgorgement…
Sign up for a free preview to unlock the rest of this article
Communications Daily is required reading for senior executives at top telecom corporations, law firms, lobbying organizations, associations and government agencies (including the FCC). Join them today!
to settle the SEC’s charges, and a $450 million fine to the U.S. Department of Justice to settle criminal charges. It also will pay a fine of some $569 million to the Office of the Prosecutor General in Munich, to whom the company previously paid a $285 million fine in October 2007. The SEC alleged that Siemens bribed on such “widespread transactions as the design and construction of metro transit lines in Venezuela, power plants in Israel, and refineries in Mexico.” Siemens also used bribes to obtain such business as developing mobile telephone networks in Bangladesh, national identity cards in Argentina, and medical devices in Vietnam, China, and Russia, the SEC said. Siemens also paid kickbacks to Iraqi ministries in connection with sales of power stations and equipment to Iraq under the United Nations Oil for Food Program, the SEC said. Siemens earned over $1.1 billion in profits on those and other transactions, the SEC said.