BREAKING NEWS

BREAKING NEWS

Siemens slush fund scandal claims new victim

Now Reading:

Siemens slush fund scandal claims new victim

Text size Aa Aa

There has been a major new development in the bribery investigation into Europe’s biggest engineering group, Siemens. German police have arrested a former senior manager, Thomas Ganswindt, and are holding him in custody in Munich. Ganswindt was a member of the company’s executive board until September – meaning the scandal has now spread to the highest management levels. Internal company audits at Siemens have now uncovered 420 million euros in unexplained payments over the last seven years. It is thought much, although not all, of that money has been siphoned off into slush funds. Previous estimates put the sum at around 200 million euros. The probe into suspected embezzlement, bribery and tax evasion began last month when police raided Siemens’ offices and made several arrests.