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Bribery costs Siemens

Filed in archive corporate crime by leon on March 20, 2007

Bribery costs Siemens
Siemens has been forced to put more money into its joint venture with Nokia because of delays linked to bribery investigations and to cover any future damages claims, reports Forbes.

This is very much a sweetenerlinks. At the end of last year, Nokia had postponed the merger of their mobile-network units because of the bribery investigation.

So what's changed? The trial is under way, Siemens seems to be weathering the storm and Nokia has managed to squeeze more money out of its new partner.

Whether that settles it remains to be seen. At the trial which started last week, the court was told that bribery was standard practice at Siemens. More on this from Der Spiegel.

Still despite the outrage from investors, the conglomerate at this stage seems to be getting through relatively unscathed. Its big shareholders are standing by the company, reports Ethical Corporation magazine.

As DWS, Germany's largest fund management group and a long-term Siemens shareholder told the magazine: "We are confident that it is a one-time problem and not a cancer that is spreading in the company."

The question is whether the testimony in the trial will change their minds.






Permalink: Bribery costs Siemens
Tags: Siemens  bribery  siemens  scandal  siemens  bribery  costs+siemens  bribery+costs  more+money 

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