Siemens will pay for corrupt practices in Greece

German electronics company Siemens has agreed to pay about 270 million euro to the Greek state in order to settle a legal action over bribing Greek officials. More on Russia Today. Siemens (SIE:GR) is a Global Compact participant since 26-11-2003.

Siemens reveals probe into Russian payments, diagnostics business

Global engineering giant Siemens (NYSE:SI) reveals a new investigation into payments made to employees at a Russian facility and a U.S. probe into the company's diagnostics business. More on Mass Device. Siemens (SIE:GR) is a Global Compact participant since 26-11-2003.

Siemens makes illegal windmill deal in occupied Western Sahara

The German multinational, Siemens, has landed an order for the construction and maintenance of 22 windmills to be built in a wind farm in Moroccan-occupied Western Sahara.The problem is that, according to international law, it is illegal to trade or dispose of resources in occupied Western Sahara without the consent of Western Sahara’s indigenous population, the Saharawis, who also have to benefit from any such dealings. More on News Time Africa. Siemens (SIE:GR) is a Global Compact participant since 26-11-2003.

Former Siemens Executives Are Charged With Bribery

"Eight former executives and contractors of Siemens were charged on Tuesday with criminal bribery in the case, the department said."

More on the New York Times.

Siemens is a Global Compact participant since 26-11-2003

June 2011: China court gives verdict in Siemens bribery case

In June 2011, a former senior executive with state-owned Global Compact participant China Mobile has been sentenced to death with a two-year reprieve for taking bribes from another Global Compact participant Siemens AG, Caixin magazine reported.


The Higher People's Court of Henan Province upheld an earlier verdict on Shi Wanzhong, former general manager of China Mobile's human resources department, for taking a total of US$5.06 million in bribes together with Tian Qu, a middleman, when Shi was head of China Mobile's Anhui branch from 2002 to 2009.


Note: the Siemens corruption cases have been cleared up after large sanctions were upheld against the company. The company since then set up a Integrity Fund, managed by the World Bank.


Source: Shanghai Daily


http://english.peopledaily.com.cn/90001/90776/90882/7417043.html

Top Ten List of Corporate defendants in the FCPA

On April 8, 2011,  the FCPA blog listed the current top ten list of corporate defendants in an FCPA-related forfeiture. Among them, 5 were U.N Global Compact participants Siemens (a long story...), ENI S.p.A ,Technip S.A., Daimler AG, and Alcatel-Lucent.  ABB Ltd., one of the Global Compact founding fathers was listed in the 11th position, thus not on the list. 

Read the FCPA Blog Entry here.
Official Press release from the S.E.C.:
http://www.sec.gov/litigation/litreleases/2010/lr21588.htm