Bribery Scandle at Siemens

12-11-2010

The Bribery Scandal at Siemens AG

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12-11-2010

The Bribery Scandal at Siemens AG

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* required fields print The Bribery Scandal at Siemens Share AG ANALYSIS BY: Neil De Jour PUBLISHED: Sep 07 2010 KEYWORDS: Managing and growing small businesses, Leadership RESEARCH CENTERS GENERAL MANAGEMENT Introduction

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The German based company Siemens AG bribery scandal rocked the business world. They were caught in corruption scandal for bribing employees of other companies for contracts. Siemens agreed to pay €1 billion towards settlement of corruption charges $800 million of which was a fine imposed by the U.S. in addition to the billions of euro paid in fines, back taxes and late interest. Officials in Germany convicted two former managers of the company of bribing employees at an Italian energy firm. The mangers admitted the bribery but defended themselves on the basis that it was not for personal gain and could be considered standard business...