EX-SIEMENS EXECS IN BRIBERY CASE

14 Dec, 2011

A group of former Siemens executives have been charged by the US Department of Justice in relation to a $100 million foreign bribery scheme, the BBC has reported.

 

Eight ex-employees of the German technology company , including a former member of the firm’s central committee and two ex-heads of  its Argentinean branch, are accused of being involved in the scheme which relates to a contract to manufacture national identity cards in Argentina, a contract worth $1billion.

 

The eight are accused of planning to pay bribes of almost $100 million to Argentinean officials in order to win the lucrative contract; an offence that the Department of Justice cited ‘alleges a shocking level of deception and corruption’.

 

The former executives have been charged with conspiracy to violate the US Foreign Corrupt Practices Act, wire fraud and conspiracy to commit money laundering, according to the BBC, and they will also face scrutiny from the Securities and Exchange Commission.  

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