Siemens' bribe scandal deepens

$1.4 billion worth of dodgy payments

By Nick Farrell

Mon Aug 13 2007, 18:16

TROUBLED TELECOM gear maker, Siemens is in more hot water as investors have found more dodgy payments in its book.

While it has been suspected that Siemen's had paid more than 420 million euros in bribes to win telecoms equipment contracts, the Sueddeutsche Zeitung reports that more than 900 million euros' worth similar payments had also been found at the telecoms unit. It quotes sources within the company.

But Siemens is not saying anything officially.

If the paper is correct, this brings the total of bribes, mostly disguised as payments to business consultants to to $1.4 billion.

Siemens is conducting its own investigation and is looking at such payments at its turbines, power distribution, transport, medical and industrial services units.

More here. µ

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Siemens' bribe scandal deepens

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