The German electronics firm Siemens AG and three of its subsidiaries have pleaded guilty to charges related to the U.S. Foreign Corrupt Practices Act (FCPA). The charges arose from a range of illegal activities, including attempted bribery of government officials worldwide, according to the U.S. Department of Justice and the Securities and Exchange Commission. Due to the charges resulting from an $805.5 million bribery scheme in the United States, Siemens and the subsidiaries agreed to pay criminal fines totaling $450 million, with the parent company paying $448.5 million. In connection with the cases brought by the U.S. government agencies and the Munich Public Prosecutor’s Office, Siemens AG will pay a combined total of more than $1.6 billion in fines.
In connection with those charges, Siemens AG agreed to pay approximately $569 million, including a corporate fine and disgorgement of profits totaling over a billion dollars in U.S. dollars. In October 2007, the Munich Public Prosecutor’s Office announced a settlement with Siemens AG under which Siemens AG agreed to pay approximately $287 million, including over $300 million in a fine in disgorgement of profits. The October plea was related to bribery charges in Siemens’ telecommunications group.
Source: IDG News Service
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