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The Bribery Scandal at Siemens AG |
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ExcerptsBackground Note
Repercussions of the ScandalsThe series of bribery allegations came in the aftermath of Siemens' sale of its loss-making mobile handset unit in 2005, to a Taiwanese company, BenQ. Here too, Siemens did not cover itself in glory as it was seen as having got rid of the unit because it could not easily lay off its employees... Initiatives at SiemensAfter the bribery scandals were unearthed at Siemens, the company started many initiatives to strengthen its corporate governance and compliance controls. A law firm Debevoise & Plimpton LLP (Debevoise & Plimpton) was appointed to conduct an independent and comprehensive investigation into the company's compliance and control system with the help of the independent auditor for Siemens, KPMG...
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