Siemens settles Israel bribery case for €38m
German technology giant Siemens has agreed to pay €38 million to settle a corruption case in Israel, local media reported on Monday.
The company has also agreed to appoint an external inspector to supervise its business in Israel, business newspaper Globes reported.
Siemens has been dogged by the scandal over its relationship with the Israel Electric Corporation (IEC), where it allegedly bribed senior executives over a bid to supply turbines more than ten years ago.
Six IEC executives now face charges in Tel Aviv for bribery and money laundering, as they are suspected of accepting bribes of hundreds of thousands of dollars in cash or in transfers to Swiss bank accounts.
It's not the first time in recent months that Siemens, one of Germany's biggest global brands, has been associated with bribery.
In October a former finance officer for the company in Argentina admitted to paying $100 million (€86.51 million) in kick backs to government officials in hopes of securing a contract to produce national identity cards.
Prosecutors in Potsdam are also investigating the company over alleged corrupt practises at Berlin's long-delayed new airport. Siemens are accused of charging the airport €1.9 million for work that was never done.