Asset Recovery Watch

Siemens A.G. / Greece Settlement
Undertaking Recovery Effort, Location of Recovery Effort
Settlement agreement ratified by Greek Parliament
Civil settlement ratified by Greek Parliament.
Assets Returned to Victim or Requesting Jurisdiction (in part)
Up to US$350,263,000; Please see Summary for details.
Please see Summary for details.
Please see Summary for details.

According to the April 2012 press release by Siemens, the Greek Parliament ratified the company's settlement agreement with Greek authorities to resolve multiple criminal and civil complaints regarding bribery in public contracts.  The press release stated that the company, "waives claims of €80 million that concern implemented projects and the delivery of equipment to the Greek State. Siemens will dispense up to the amount of 90 million Euro for transparency initiatives and anti-corruption programs, as well as for academic and research programs that aim at enhancing Greece’s competitiveness. Finally, Siemens will spend over €100 million, in order to enhance its activities in Greece and preserve a significant number of jobs in the local market." (Source: Siemens S.A. Press Release, "Siemens and the Hellenic Republic reach a settlement agreement and mark a new beginning," April 5, 2012.)  Some details of the Greek investigation into Siemens' activities in that country and filing of lawsuit by the Hellenic Telecommunications Organization S.A. are noted in Siemens' regulatory filings in the United States.  (Source: United States Securities and Exchange Commission, Form F-20, Siemens AG, 2011 and 2010)

N/A (Civil Settlement)

Greek Parliamentary Investigation Committee; Greek Public Prosecutor
Public Prosecutor