Siemens corruption scandal: will it have any local repercussions?

, posted: 20-Nov-2006 08:41

SiemensDer Spiegel Online reports that five executives of German electronics and telecommunications equipment giant Siemens have been arrested for embezzlement and bribery in raids across the country last week.

What does a German corruption scandal have to do with us down in the antipodes, you might ask? Well, if you read this comment:

According to a report in the daily Süddeutsche Zeitung published on Friday, executives built up massive secret slush funds earmarked for paying bribes worth millions of euros to secure foreign tenders.

However, a later Reuters report says the total amount involved in the bribery is much higher than thought before, at around 100 million Euros, or US$128 million.

Siemens is active in our part of the world, so it'll be interesting to see if what's happening in Germany will have any repercussions locally.

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