Siemens Reserves $1.3 Billion to Settle Corruption Charges

The German conglomerate Siemens has set aside $1.3 billion to settle an ongoing corruption investigation according to Siemens Reserves $1.3 Billion for Probe.

Back in April, international law firm Debevoise & Plimpton LLP, hired by Siemens to investigate bribery and corruption charges dating back to the late 1990s, found evidence of violations of domestic and foreign compliance regulations. Its report said many of the violations were due both to corruption and violations of regulations that govern internal controls and the accuracy of documentation.That report, delivered to the German conglomerate’s compliance committee, covered business transactions between 1999 and 2006, and management conduct related to those practices