If Siemens executives thought the fallout from the bribery scandal was about to go away, they should think again. It's likely to get worse with the trial starting today of former executive Reinhard Siekaczek.

Because he is now a key witness, The Wall Street Journal suggests that his trial could pave the way for similar proceedings against other Siemens executives.

The enormous damage to the company's reputation would be a significant concern for investors.

"There is some reputational damage in the broader public perception,'' said Colin Gibson, an analyst at HSBC Holdings Plc in London told Bloomberg. "The biggest concern that investors would have is if there is anything that would compromise current top management.''

True, there's no sign of that happening now. But it's not ever yet.