Siemens says it will support slush fund probe |
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Fri, 27 Jul 2007 10:07
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FRANKFURT (Thomson Financial) - Siemens AG vows to support investigators in an internal probe into corruption allegations, a spokesman for the company said.German newspapers earlier reported individuals in certain of Siemens' foreign operations are impeding the progress of the investigation.'Siemens is interested in a comprehensive clarification of the case,' the spokesman said.'We will support that to the best of our abilities.'US law firm of Debevoise & Plimpton, which has been tasked with overseeing the probe, has complained to the German conglomerate's supervisory board that its investigations are being hindered in certain key countries, Frankfurter Allgemeine Zeitung reported.Meanwhile Sueddeutsche Zeitung said the supervisory board is concerned the alleged obstructive behaviour could prompt the Securities and Exchange Commission to levy a hefty fine on the company.The probe is focused on slush funds allegedly created at Siemens to pay bribes to secure foreign orders, with payments totaling hundreds of millions of euros going back to 1999.tf.TFN-Europe_newsdesk@thomson.comcs1/mas/cs1/bsdCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Some Siemens foreign ops impeding co's slush fund probe - reports 