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Ethics
by leon on November 11, 2008
How much does bribery cost a company? Siemens has announced it has set aside 1 billion Euros ($US1.3 billion) to settle the case with authorities in the United States and Germany.
"The company will make no further comments on the ongoing proceedings." the Siemens statement says.
That sort of money would have to affect its earnings but Theo Kitz, an analyst in Munich at Merck Finck told Bloomberg the money allocated was less than expected. "The number is probably pretty much exactly what they will have to pay. The SEC part would be less than 1 billion when you subtract the German part. That really is less than expected.''
In other words, the company is getting off lightly.
Permalink: Siemens' bribery bill
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