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corporate crime
by leon on August 19, 2008
No surprises here with reports that Siemens had basically set up systems that had its managers aiding and abetting in the corruption.
Based on the disclosures, here, it seems that Siemens' widespread corruption was the inevitable result of having an audit office riddled with conflicts of interest. The company now says it is cracking down on the graft and pursuing former directors for damages. But that's closing the gate after the horse has bolted.
The big test is whether it will put in place systems that will ensure this will not happen.
Permalink: Siemens - a disaster waiting to happen
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