German Court Fines Siemens €201M

Law360, New York (October 5, 2007, 12:00 AM EDT) -- A Munich court on Thursday fined Siemens AG €201 million, or roughly $284 million, concluding German officials' investigations into allegations of bribery and tax evasion at the engineering giant's former subsidiary, the Com Group.

The Munich District Court imposed the fine after Siemens took responsibility for the alleged payment of kickbacks to ensure the company's presence in various overseas projects, the company anounced Thursday.

The ruling settles the Munich Office of Public Prosecution's and German tax officials' investigations into the alleged corruption.

Siemens accounted for the...
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