Only a few days ago international authorities raided various Siemens offices as well as private homes in an effort to find the source of the alleged government bribes as well as the location of the hundreds of millions in Siemens funds, diverted to off-book accounts in order to fund the bribes. A whistleblower initially tipped of Swiss authorities and the ensuing raids saw six Siemens employees arrested and some 30,000 documents seized. Siemens has thus far denied corporate knowledge or complicity in the illegal acts. The firm has announced an internal task force that will be conducting an internal investigation, dovetailing with law enforcement efforts.

-- MDT

Labels: bribery, Siemens