Caught up in those bribery and corruption allegations involving hundreds of millions of Euros, Siemens is desperately trying to move on.
Next week, Peter Solmssen will become the board's general counsel overseeing responsibility for legal and compliance issues. To show it means business, the company has created a new executive board position for these issues. They have also set up a new legal and compliance office reporting directly to the CEO, Peter Löscher.
"Bundling our legal and compliance as well as our audit processes, standardizing them worldwide and implementing these personnel changes will make our company more transparent and less complex in key corporate functions," said Löscher in the company statement.
That's code for saying Siemens is trying to show everything has been cleaned up. But not so fast! We'll just have to wait and see. Hopefully, we'll know more from the investigators in Italy, Germany and the United States still probing the allegations.
In the meantime, the smell is not going away.
Investigations are now starting into how much KPMG knew. Debevoise, the law firm appointed to investigate the bribes, will now ask KPMG how come they didn't notice the money changing hands, reports The Independent.
Shades of another delinquent community, something I have written about many times including here.
no comment untill now