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The Siemens saga rolls on
Filed in archive corporate crime by leon on November 19, 2008
The Siemens saga rolls on


The Siemens bribery saga rolls on with two former managers confessing their crimes and likely to receive suspended sentences. The pair took the illegal payments and established a secret accounting system, using sham contracts for payments into slush funds.

But it won't stop there. The International Herald Tribune report suggests the corruption was spread pretty deep through the company. As one of them told the court: "I wasn't a decision maker at Siemens. When salespeople needed money for bribes, I forwarded their request to the responsible people. I didn't decide who got something and who didn't."

Still, Siemens' woes is not affecting the company's performance on the market with Bloomberg reporting its share price is rising. The folks at Motley Fool say despite its falling profits, the company is one to watch because the market doesn't seem to care."

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Permalink: The Siemens saga rolls on
Tags: Siemens  bribery  siemens  2007  2008  saga+rolls  siemens+saga  corporate+governance 
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