It looks like there’s been a major revelation in the Siemens’ bribery scandal. If you’ll remember, the telecom manufacturer was caught last year for doling out huge sums to telecom managers as bribes for their loyalty to Siemens. It was previously thought that $420 million euros were embezzled for bribery purposes in Siemens’ communications division, but now it seems that upwards of $900 million euros were in fact used for “illicit payments.”
Auditors have uncovered what looks to be $1.4 billion euros in shady deals, dating back to the early 1990s. According to the Munich-based Süddeutsche Zeitung, US lawyers and auditors have discovered these illicit payments in the books of Siemens’ communications and power-generation divisions. That’s a pretty long time, and could explain the growth of the company in that time frame.
This is just getting worse and worse for the communications giant. We hope they can get their act together and recover from all this bad press.
[Via: The Inquirer]