German engineering conglomerate Siemens agreed in December 2008 to pay 1.6 billion dollars in fines to U.S. and German authorities, then the largest corruption settlement in history, after investigators found the company had systematically paid an estimated 1.4 billion dollars in bribes to officials worldwide over years to win contracts. The scandal forced sweeping management changes, including the departure of CEO Klaus Kleinfeld, and prompted Siemens to overhaul its corporate compliance program, becoming a landmark case in international anti-bribery enforcement. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/
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Source Wikipedia, Siemens Bribery Scandal
Siemens is a diversified technology and industrial conglomerate spanning electronics, automation, healthcare and energy equipment, the same general categorization already used for other diversified electronics conglomerates in this section (Xerox, IBM, Toshiba, Eastman Kodak).
Source Wikipedia, Siemens Bribery Scandal
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Source Wikipedia, Siemens Bribery Scandal
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1. Wikipedia, Siemens Bribery Scandal
WikipediaHistory section, 2005 bribery scandal paragraph
Beginning in 2005, Siemens became embroiled in a multi-national bribery scandal.
- Associated With: Siemens
- Associated With: Technology Industry
- Companies Involved: Siemens
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