In a long anticipated settlement that was first announced on
December 15 2008, German industrial company Siemens and three
of its subsidiaries, in Argentina, Bangladesh and Venezuela,
agreed to pay a combined total of $800 million to the US
Department of Justice and Securities and Exchange Commission
(SEC) to settle far-reaching violations of the Foreign Corrupt
Practices Act (FCPA) that came to light following a November
2006 dawn raid on various Siemens employees and offices by
German law enforcement authorities.
In a cooperative stance that is the first of its kind
between the US and Germany, on the same day as the US
settlements were announced Siemens revealed that it had agreed
to pay an additional 395 million ($528 million) in
penalties in Germany to resolve similar allegations.
Previously, Siemens had paid 201 million in Germany in
partial settlement for similar charges.
The settlement with the Justice Department...