Siemens’ problems escalated on Thursday night as Europe’s largest engineering group revealed it is under investigation by the US Department of Justice and facing an informal inquiry from the Securities and Exchange Commission over its €420m bribery scandal.
The DoJ is investigating possible criminal breaches of US law by Siemens while the SEC’s enforcement division is conducting an informal inquiry, Siemens said on Thursday night in its first-quarter report.
The probes are a further embarrassing blow to the German group’s embattled management, who had sought contact with US authorities soon after the scandal broke to try to contain its impact.
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