Siemens will be prosecuted by Greece for bribing officials

Siemens - Hit by Another Bribing Scandal

Siemens – Hit by Another Bribing Scandal

Greece is set to sue Siemens over allegations of the company bribing Greek officials for bagging contracts.

The latest findings by the parliamentary investigation team found that the bribery case had cost the Greek taxpayers an estimated €2 billion (£1.7 billion, $2.7 billion).

Siemens is understood to have bribed officials to bag telecom contracts between 1997 and 2002 and for security contracts during the Athens Olympic held in 2004. A Socialist former minister admitted last year of receiving kickbacks an amount equivalent of €100,000 (£85,400) in 1998.

However, Socialist politicians enjoy immunity from prosecution and hence will evade indictment. The parliamentary investigating team is expected to name other ministers involved in the bribery scandal.

Siemens latest Greece scandal comes closely after the company had faced similar charges in the US and Germany in 2008 that had cost the company €1 billion in settlement charges.

In letter written by Greek Investment Minister to Siemens Hellas – the Greek subsidiary of the German firm, Haris Pamboukis said: “Greece will seek compensation for the damage it has suffered from the corrupt practices that have been used by your company in the past”.

In a statement issued by Siemens AG, Joern Roggenbuck – a spokesman for the company said Siemens “has done everything humanly possible to shed light on the past dealings and has always fully cooperated with the authorities”.

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