Siemens was on Thursday night fined €201m by the German authorities over a bribery scandal in its telecommunications unit in the first of several rulings that could end up costing Europe’s largest engineering group billions.
The fine by the Munich district court represents the first step by the German conglomerate to address what senior directors have called a “systematic” approach to bribery that has spawned investigations by several regulators including the US Securities and Exchange Commission.
Siemens also agreed to pay tax authorities €179m – largely covered by a €168m charge it has already taken – to compensate for the €450m in non-deductible payments it falsely booked.
The payments mark the end of the German investigation into Siemens over bribery at the telecommunications unit, as the group waived its right to appeal.
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