"I have the impression that we are looking into a bottomless pit."
-- Siemens board member Berthold Huber to Der Spiegel

Siemens insiders not showing a lot of optimism these days. While the company's stock price had remained relatively stable throughout the bribery scandal that has subsumed Siemens over the last few months, the bad news just keeps coming and coming.

In keeping with that theme, two former employees from Siemens power generation division, Andreas Kley and Horst Vigener were recently convicted on bribery-related charges by a German court. These two names popped up back in mid-March, when they copped to bribery allegations. Then and now Kley and Vigener have denied broader company involvement and have received suspended sentences. Siemens plans to appeal the conviction.

-- MDT

Labels: Andreas Kley, bribery, Horst Vigener, Siemens