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Siemens close to US scandal deal
21 Aug 2008Embattled engineering giant Siemens is close to reaching a settlement with the Securities and Exchange Commission and the US justice department in its billion pound bribery scandal.
A deal will stop the company from being banned from bidding on public contracts in the US.
“They are trying to bring closure to this,” a New York lawyer who is “well informed” about the case told Frankfurter Allgemeine Zeitung.
The Munich-based firm, which is listed on the New York stock exchange, has been under investigation by the SEC over its bribes-for-contracts scandal.
Siemens chief executive Peter Loescher and the company's supervisory board chairman Gerhard Cromme have made clear in the past that it would prefer to strike a deal with the commission than face a protracted and expensive legal battle.
