Former Siemens CEOs, Four Others to Pay Damages Related to Corruption Scandal

siemens230In the wake of the corruption scandal that led to Siemens agreeing to pay a record $1.6 billion to settle inquiries in the US and Germany, six more of the company’s former board members will now be paying damages.  The Times Online reports that the six individuals include two former CEOs,  Heinrich von Pierer and Klaus Kleinfeld.

Von Pierer, CEO of Siemens from 1992 to 2005 and president of its supervisory board until 2007, will pay pay €5 million (£4.5 million). Kleinfeld, CEO of Siemens following Von Pierer until 2007, will pay €2 million.

In addition, Siemens has reportedly reached settlements with Johannes Feldmayer, Uriel Sharef, Karl Hermann Baumann and Jürgen Radomski. It had previously settled with Edward Krubasik, Rudi Lamprecht and Klaus Wucherer, also former board members.

Read the Times Online article