Finance & EconomicsConfirmed
Siemens AG FCPA bribery (revealed 2006-08)
Siemens AG, the German industrial conglomerate, paid more than $1.4 billion in bribes across 60+ countries between the mid-1990s and 2007, including contracts in Argentina (national-ID), Bangladesh (telecom), Iraq (Oil-for-Food), Nigeria (telecom), and Venezuela (rail). German prosecutors raided Siemens's Munich offices in November 2006. On 15 December 2008, a joint SEC, DOJ, and Munich prosecutor settlement imposed $800 million in US penalties and €395 million in Germany — totalling over $1.6 billion, the largest FCPA settlement at the time. CEO Heinrich von Pierer had resigned in 2007. Siemens subsequently established one of the most extensive corporate compliance programmes in history.
8 sources5% confidencebeing upgraded