This is the best article I've seen yet detailing the alleged goings on at Siemens, which resulted in various european law enforcement agencies raiding company offices, employee private homes and seizing all paperwork in sight. Highly, highly recommended...here's a taste:

Allegedly, a group of managers conspired to channel off at least €200 million from the company's Communications division to a series of shell companies. The funds landed in secret accounts, which investigators suspect were used to bribe officials into awarding contracts to Siemens. Regardless of location -- Greece, Nigeria, Russia or Indonesia -- Siemens is accused of using the funds to win orders. And, the same methods were likely used at the company's other divisions.

In the end, is it possible that not 200, but perhaps 300 or even €500 million flowed through these secret channels? Is it possible that a team of creative employees skimmed off sums in the triple-digit millions of euros, without senior managers becoming aware of the situation, as they claim? And, why didn't company management and the supervisory board use all of their powers to clear up the matter, which they must have been aware of since 2003?

Great detail follows on Siemen's recent business history as well as the nature of its executive team and corporate structure, all of of which appear to have contributed to facilitate this kind of large-scale internal fraud. Keep reading at Spiegel Online.

-- MDT

Labels: bribery