-- MDT

Labels: Albrecht Schaefer, bribery, Heinz-Joachim Neubürger, Siemens

Surprising virtually no one, former Siemens anti-corruption official, Albrecht Schaefer indicated in his recent testimony that the company's top brass ignored the bribery that was happening right under their noses.

Moreover, Schaefer stated flatly that he personally informed several familiar names (Heinz-Joachim Neubuerger, Juergen Radomski, and Thomas Ganswindt) about the dubious practices he had observed.

-- MDT

Labels: Albrecht Schaefer, bribery, Heinz-Joachim Neubürger, Juergen Radomski, Siemens, Thomas Ganswindt

For months we've been talking about the Siemens bribery probe's weed-like expansion. Every time one is tempted to think that it can't go further, it does. 270 individuals are currently being investigated by German authorities and Siemens has also apparently made plans to sue former company managers for damages - and the cases could come within weeks. '

Last week, for the first time a witness (former Siemens compliance guru, Albrecht Schaefer ) went on record tying former Siemens CEO, Heinrich von Pierer personally to the scandal. For his part, von Pierer continues to deny any and all charges. However, claims of innocence haven't stopped von Pierer from chatting with German prosecutors.

About the weather, I'm sure.

-- MDT

Labels: Albrecht Schaefer, bribery, Heinrich von Pierer, Siemens

As many suspected from the start, management knowledge of Siemens' bribery allegations now appears to date back much further than the firm had previously admitted - as far back as 2003. Not exactly news to anyone who has been reading this space for any length of time...

But now Siemen's former compliance officer, Albrecht Schaefer - who was cut loose back in August of 2007 - has it on the record in court that he informed chairman Heinrich von Pierer (who, for his part, is facing other indignations this week) and other top managers about the bribes.

In fact, he even wrote of the bribes as business strategy in an internal document in 2004. Read all about it at Deutsch Welle.


-- MDT

Labels: Albrecht Schaefer, bribery, Heinrich von Pierer, Peter Loescher, Siemens

The bealeguered Siemens has seen the departure of another high-level executive. Albrecht Schaefer, former head of compliance, and the individual who presided over the firm's ethics regime while the massive bribery took place, has been let go.

The move had been rumored for several weeks in the German press and Debevoise & Plimpton, the law firm drafted by Siemens to manage its internal investigation had also reportedly been pushing for Schaefer's ouster.

For more on the Albrect Schaefer departure, check out The Ethical Corporation.

Meanwhile, the Siemens bribe total keeps getting higher...now topping $1.35 billion. Details on that front here.

-- MDT

Labels: Albrecht Schaefer, bribery, Debvoise and Plimpton, Siemens