The big story coming out of Europe over the last fortnight has been the corruption scandal inside the German industrial conglomerate Siemens where a slush funds were used to pay hundreds of millions of euros in bribes to obtain contracts around the world.

The bribes probe has spread to at least six countries. For the best and most comprehensive account, check this report that came out at the end of last month from the English language edition of Der Spiegel.

Police have raided Siemens offices and employees have been suspended amid allegations that include claims of Siemens bribing Greek Government officials to get contracts before the 2004 Olympics and of Caribbean shell companies.

Now it looks like Siemens might lose its spot on the anti-corruption watchdog, Transparency International. "Our industrial partners should be beacons in the fight against corruption. The worst that could happen to us would be if one of our members were actively involved in corruption," said TI Germany's deputy Peter von Blomberg, reports Deutsche Welle.

This one is going to get very ugly. Watch this space.