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Friday, December 16, 2011

Siemens executives charged with bribery | Reuters

NEW YORK | Tue Dec 13, 2011 6:58pm EST

Dec 13 (Reuters) - U.S. prosecutors charged eight former Siemens AG executives with paying $100 million in bribes for more than a decade to Argentina officials to help win a $1 billion contract to produce national identity cards.

The executives, who live in Germany, Switzerland and Argentina, have not yet been arrested to face the charges, U.S. officials said.

The defendants include Uriel Sharef, who was a member of Siemens' managing board. He is the first former board member of a Fortune Global 50 company to be indicted under the U.S. Foreign Corrupt Practices Act, officials said.

A lawyer for Sharef in Germany could not immediately be reached to comment.

Between 1996 and 2007, the executives paid bribes intended for top Argentina officials, including two presidents and cabinet ministers, according to the criminal charges and a separate civil lawsuit brought by the top market regulator, the U.S. Securities and Exchange Commission. The charges were filed in U.S. District Court in Manhattan.

Siemens executives charged with bribery | Reuters

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