New suspicious Payments uncovered at Siemens: Report
Posted on Mon, 13 Aug 2007 03:35:51 CDT | by Luigi Lugmayr
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FRANKFURT (Reuters) - Internal investigators have uncovered more than 1 billion
euros ($1.4 billion) of dubious payments at Siemens' telecoms and turbines
divisions, far more than previously thought, the Sueddeutsche Zeitung said.
"We're talking about enormous sums," the newspaper quoted a source at the top of
the company as saying in a report published on Monday, adding that almost 900
million euros' worth of such payments had been found at the telecoms unit alone.
The newspaper said a Siemens spokesman declined to comment. Siemens was not
immediately available for comment to Reuters on Monday morning.
Siemens, which has been rocked by criminal and internal investigations into
suspected organized bribery disguised as payments to business consultants, said
last month it was extending its own investigation.
The company said it was now reviewing significantly more business consultant
agreement payments than before and was now looking at such payments at its
turbines, power distribution, transport, medical and industrial services units.
Previously, Siemens had said it was investigating whether some 420 million euros
had been spent on bribes to win telecoms equipment contracts.
The scandal surrounding the investigations forced the resignation of Siemens'
chairman and chief executive earlier this year. Peter Loescher took over as CEO
at the start of July.
© Copyright 2007 Reuters.
Posted on Mon, 13 Aug 2007 03:35:51 CDT | by Luigi Lugmayr
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