Former Siemens execs fined for corruption

AFP
AFP - [email protected] • 20 Apr, 2010 Updated Tue 20 Apr 2010 16:57 CEST
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A court handed two former Siemens executives suspended sentences and hefty fines Tuesday for their part in a corruption scandal that engulfed the German industrial giant in 2006.

Michael Kutschenreuter, 55, received a two-year suspended sentence and a fine of €60,000. The court in the southern city of Munich also ordered him to pay €100,000 to charity.

A former financial director at Siemens' telecommunications division, Kutschenreuter is the most senior executive so far to be found guilty of corruption by a German court in the wake of the scandal.

The other man, Hans-Werner Hartmann, also 55, received an 18-month suspended sentence and was ordered to pay €40,000 to charity.

The pair took part in a wide-ranging bribery scandal whereby executives slipped cash to foreign officials in exchange for landing lucrative contracts.

Some €1.3 billion was paid out in bribes between 2000 and 2006, making it the biggest scandal in corporate German history.

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AFP 2010/04/20 16:57

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