An internal investigation at the German engineering conglomerate Siemens has found that the amount of transactions suspected to be linked to bribery has risen to €1.6 billion, the Wall Street Journal Europe reported on Thursday.
This amount is nearly four times higher than what Siemens reported in December, when it disclosed that it had uncovered €420 million in suspicious transactions over a seven-year period, concerning its telecommunications equipment unit, the paper writes. The new estimates, communicated last week to the company’s supervisory board, encompass transactions conducted up until the mid-1990s and extend beyond the telecommunications business, sources told the paper.
The internal investigation at the company has focused on funds that were allegedly intended for bribery payments to secure business contracts abroad. According to the paper, Siemens has declined to comment on these allegations.
The U.S. Securities and Exchange Commission (SEC) is also investigating possible corruption at Siemens, which falls under its jurisdiction since Siemens shares are listed on the New York Stock Exchange. The German conglomerate risks facing hefty fines if it is found to have violated U.S. laws, in addition to legal sanctions in Germany. (H)
