Bribery Case

Siemens is currently being investigated for serious bribery, involving Heinz-Joachim Neubürger, former chief financial officer, Karl-Hermann Baumann, another former CFO and exchairman, and Johannes Feldmayer, a former management board member. [16]. The investigation has found questionable payments of roughly €1.3 billion, or $1.9 billion, from 2002 to 2006 that have triggered a broad range of inquiries in Germany, the United States and many other countries. [17] In May 2007 a German court convicted two former executives of paying about €6 million in bribes from 1999 to 2002 to help Siemens win natural gas turbine supply contracts with Enel, an Italian energy company. The contracts were valued at about €450 million. Siemens was fined €38 million.[18] Siemens has tightened its internal controls, and implemented strict compliance and anti-corruption measures throughout the company.