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SafariNow
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Articles: Prosecutor: Siemens to Pay 97.7 Million Euro Fine For Bribes
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Posted by Admin on Tuesday, May 08, 2007 - 08:44 PM
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Science and Technology

As personnel changes continue at the top, Siemens faces a hefty fine for bribing Italian energy company Enel.


Former Siemens manager Andreas K., 63, was sentenced o­n Monday to three-and-a-half years in prison for "very serious incidences of bribery," according to the district attorney's office in Darmstadt.

Horst V., formerly a manager and consultant at the electronics giant, was sentenced to 18 months parole.

The two men were charged with bribing Enel employees with nearly six million euros between 1999 and 2002, in order to win Siemens 450 million euros ($612 million) worth of contracts to deliver turbines for power generators.

Senior public prosecutor Ulrich Busch demanded Monday that Siemens pay a fine of 97.7 million euros ($132.5 million) to the state as a penalty for the Enel corruption case.

The amount is equal to the company's gross profit from the delivery of two turbines to Enel (103.8 million euros), minus a 6.12 million euro fine that had already been assessed during an earlier trial in Milan.

Re-shuffling at the top

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