Thursday, May 01, 2008

Inquiry documents evidence of corruption at Siemens


The law firm hired by Siemens to investigate claims of corruption at the company said Tuesday it had found evidence of compliance violations and other infractions throughout the company, and in several countries where it operates.

A summary of the report made by the firm, Debevoise & Plimpton, said it examined business transactions that took place between 1999 and 2006.

Siemens, a conglomerate whose products range from trams to wind turbines, said in a statement that the investigation into several major divisions showed that "domestic as well as foreign compliance regulations have been violated."

But Siemens said that its supervisory board had full confidence in current management and that the company did not yet have enough information to judge the possible consequences for former management.

See full Article.