Siemens To Pay $1.6B To Settle Bribery Charges

Law360, New York (December 15, 2008, 12:00 AM EST) -- German electronics giant Siemens AG has pled guilty to corruption charges for bribing public officials around the world, including Iraqis involved in the United Nations' Oil-for-Food Program, and has agreed to pay approximately $1.6 billion to settle criminal and civil matters with the U.S. Department of Justice, the U.S. Securities and Exchange Commission and the German Prosecutor General, the agencies reported Monday.

Siemens has doled out $805.5 million in corrupt payments to foreign officials since it became listed on the New York Stock Exchange in 2001,...
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