Wednesday, December 13, 2006

Siemens Exec Arrested in Germany

On Tuesday, Thomas Ganswindt, a former executive and board member with Siemens, was arrested by German authorities in connection an expanding bribery scandal potentially involving hundred of millions of EURs over the pas seven years.

Separately, following an internal audit, Siemens executives said that close to EUR 420 million ($556 million) of dubious payments made the company for various consulting services were now subject to further investigation. The allegations are that Siemens used these consulting funds to pay bribes in order to secure some major telecom contracts around the world.