Asset Recovery Watch

ARW-173
Siemens AG (Italy Settlement)
Germany
Italy
Undertaking Recovery Effort, Location of Recovery Effort
2004
2006
Art.16
No
Criminal Prosecution
Unknown
Unspecified
Plea Bargain without Admission of Guilt or Responsibility (Source: Siemens, "Legal Proceedings - Fiscal 2007," November 8, 2007.)
Completed
Assets Returned to Victim or Requesting Jurisdiction
$8,522,530
No
N/A

According to the Complaint in US Securities and Exchange Commission, in 2004, a Milan judge issued a written opinion that Siemens viewed bribery at least as a possible business strategy and that "Subsequently, Siemens, along with two of its PG managers, entered into a plea bargain with criminal authorities in Italy pursuant to which Siemens paid a €0.5 million fine, gave up €6.2 million in profits and was barred fiom selling gas turbines in Italy for one year." (Source: US Securities and Exchange Commission v. Siemens AG, Case No. 1:08-cv-02167 (D.D.C.), Complaint filed December 12, 2008, para 23.) According to a 2007 Siemens company statement, "the agreement was In Italy, legal proceedings against two former employees ended when the “patteggiamento” (plea bargaining procedure without the admission of guilt or responsibility) by the charged employees and Siemens AG entered into force in November 2006." (Source: Siemens, "Legal Proceedings - Fiscal 2007," November 8, 2007.)

According to the Complaint in US Securities and Exchange Commission, in 2004, a Milan judge issued a written opinion that Siemens viewed bribery at least as a possible business strategy and that "Subsequently, Siemens, along with two of its PG managers, entered into a plea bargain with criminal authorities in Italy pursuant to which Siemens paid a €0.5 million fine, gave up €6.2 million in profits and was barred from selling gas turbines in Italy for one year." (Source: US Securities and Exchange Commission v. Siemens AG, Case No. 1:08-cv-02167 (D.D.C.), Complaint filed December 12, 2008, para 23.)

Munich Public Prosecutor's Office
Milan Pubilc Prosecutor
Milan Judge