International Trade Law News /title <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" ""> <html xmlns="" xml:lang="en" lang="en"> <meta name="verify-v1" content="6kFGcaEvnPNJ6heBYemQKQasNtyHRZrl1qGh38P0b6M=" /> <head> <title>International Trade Law News

« Home | Bill Introduced in Congress to Impose Conditions o... » | Fundamentals of Exporting Webinar to be Presented ... » | Transparency International Releases 2008 Bribe Pay... » | International Anti-Corruption Day: Your No Counts » | Employees of U.S. Affiliate of Chinese Electronics... » | Export Controls Articles of Interest » | BIS Publishes Notice of Minor Change to November 1... » | CFIUS Publishes Guidance on Types of Transactions ... » | Congressman Accused of Violating FCPA Loses Reelec... » | CBP Officers and Agents to be Featured in New Real... » 

December 12, 2008 

Siemens Reportedly to Pay Record $800 Milllion FCPA Settlement

Bloomberg has reported that Siemens AG has agreed to pay $800 million to settle allegations that it violated the U.S. Foreign Corrupt Practices Act. If finalized, this will be the largest FCPA penalty ever, dwarfing the $44.1 million penalty imposed on Baker Hughes in April 2007.

The article states that prosecutors are proposing that the company pay a criminal penalty of $450 million. In addition, under an agreement with the Securities and Exchange Commission, Siemens will also be required to disgorge $350 million in profits and agree to an outside compliance monitor. The settlement agreement is likely to be finalized on Monday during a hearing in federal court in Washington, DC.

During the past few years, public prosecutors and other government authorities in jurisdictions around the world have been conducting investigations of Siemens AG and its consolidated subsidiaries and certain of its current and former employees regarding allegations of public corruption. The SEC and the DOJ have also been investigating possible violations of U.S. law by Siemens in connection with the Oil-for-Food Program.




Subscribe to our confidential mailing list

Mobile Version

Search Trade Law News

International Trade and Compliance Jobs

Jobs from Indeed




  • This Site is presented for general informational purposes only and does not constitute legal advice. No attorney-client relationship is formed when you use this Site. Do not consider the Site to be a substitute for obtaining legal advice from a qualified attorney. The information on this Site may be changed without notice and is not guaranteed to be complete, correct or up-to-date. While we try to revise this Site on a regular basis, it may not reflect the most current legal developments. The opinions expressed on this Site are the opinions of the individual author.
  • The content on this Site may be reproduced and/or distributed in whole or in part, provided that its source is indicated as "International Trade Law News,".
  • ©2003-2015. All rights reserved.

Translate This Site

Powered by Blogger