Siemens faces a fine of 4 billion euros ($5.8 billion), a figure that would wipe out a full year's profit, after a probe by the US Securities and Exchange Commission, reports Bloomberg.
For the year ended September 30, Siemens had a profit of 3.9 billion euros ($5.6 billion), the foreshadowed fine is way more than the company has been expecting and is on top of the 201 million euro ($292 million) fine it received in October in connection with bribery activities in its communications equipment business.
Reuters reports that the company expects to know exactly what's ahead within a few months.
In the meantime, Siemens new chief executive, Peter Löscher is working hard to tidy up the lines of reporting so that the problems don't re-emerge but the problems keep coming, reports the New York Times with former Siemens employees expected to be indicted.
Siemens put our company out of business with their unfair policies, involving price fixing, colusion and restriction of trade.