Mr. Siekaczek (pronounced SEE-kah-chek) says that from 2002 to 2006 he oversaw an annual bribery budget of about $40 million to $50 million at Siemens. Company managers and sales staff used the slush fund to cozy up to corrupt government officials worldwide.
The payments, he says, were vital to maintaining the competitiveness of Siemens overseas, particularly in his subsidiary, which sold telecommunications equipment. “It was about keeping the business unit alive and not jeopardizing thousands of jobs overnight,” he said in an interview.
Three decades after Congress passed a law barring American companies from paying bribes to secure foreign business, law enforcement authorities around the world are bearing down on major enterprises like Daimler and Johnson & Johnson, with scores of cases now under investigation. Both companies declined comment, citing continuing investigations.
Billionaire hedge fund manager Bill Ackman broadened his public assault Tuesday on diet shaker maker Herbalife,...
The NSA whistleblower, Edward Snowden, has urged lawyers, journalists, doctors, accountants, priests and others with a...
Former National Security Agency contractor Edward Snowden says the analysts who monitored the texts and e-mails...
U.S. Army Sergeant Bowe Bergdahl has a new lawyer to defend him as the Army investigates...
