Corruption | 28.08.2007
US Investigators Join Inquiry into Siemens Kickbacks
Corporate investigators from the United States are expected in Munich Tuesday as part of their inquiry into the corruption scandal that has rocked German electronics giant Siemens.
Senior public prosecutor Christian Schmidt-Sommerfeld said that the visit was part of preparatory discussions on the scandal, which include allegations that some Siemens executives had been paid kickbacks to secure overseas contracts to help the company's push into global markets.
Siemens has estimated that this could involve payments totalling about 420 million euros ($573.12 million).
Schmidt-Sommerfeld declined to comment on details of the discussions with the US SEC financial watchdog.
Munich-based Siemens also declined to comment on the SEC investigation, with a spokesman saying it was a matter for the authorities.
US probe uncovers vast dubious payments
Bildunterschrift: Großansicht des Bildes mit der Bildunterschrift: Siemens building in Munich
The US investigators examining the Siemens books said last week that they had found dubious payments dating back to the early 1990s totaling more than a billion euros ($1.4 billion), during their probe of the traditional German industrial concern.
The US lawyers and auditors looking into Siemens' dealings issued a statement saying they had uncovered the payments, which relate to the company's communications and power-generation divisions.
Internal auditors have been probing the company since December as part of a corruption affair in which payments were made in order to secure contracts.
