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Browse: Home / 2008 / December / 12 / Siemens AG Agrees to Pay $800 Million to Settle SEC and DOJ Corruption Charges

Siemens AG Agrees to Pay $800 Million to Settle SEC and DOJ Corruption Charges

By Securities Docket on December 12, 2008, 5:39 pm

Siemens AG has agreed to pay $800 million to settle SEC and DOJ charges that it violated anti-corruption laws by paying $1.36 billion in bribes to government officials worldwide. Bloomberg reports that the DOJ filed a criminal information filed today in Washington alleging that Siemens “knowingly used off-book accounts to conceal corrupt payments, mischaracterized bribes in corporate accounting and falsely described kickbacks paid to the Iraqi government in connection with the United Nations oil-for-food program.”

Bloomberg reports that prosecutors are recommending a fine of $450 million for the company, and Siemens will also have to forfeit $350 million in profits and submit to monitoring to ensure compliance with anti-bribery laws.

Read the Bloomberg article

Posted in Criminal | Tagged FCPA, Features, Settlements

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