Siemens to pay $800M for corruption charges

December 15, 2008 10:07:58 AM PST
Industrial conglomerate Siemens AG has agreed to pay more than $800 million in fines to settle long-standing corruption charges in the United States.

U.S. District Judge Richard Leon accepted guilty pleas from lawyers for the international corporation on Monday morning in federal court in Washington.

The corporation, with headquarters in Berlin and Munich, Germany, and three of its international subsidiaries will pay approximately $450 million to the Justice Department to settle charges of making bribes and trying to falsify corporate books. Siemens will pay another $350 million to settle charges from the U.S. Securities and Exchange Commission.

A Justice Department lawyer says Siemens will have paid more than $1 billion to settle corruption charges in the United States and Germany.

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