Siemens scrutinizing 1.6 billion euros in dubious deals: report
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An internal probe at the German engineering group Siemens has raised the amount of suspicious transactions the company is investigating to about 1.6 billion euros (2.3 billion dollars), a press report said Thursday.
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Siemens has reported buoyant financial results but is immersed in a fast-expanding corruption scandal that threatens to torpedo its reputation.
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BRUSSELSâRisking another transatlantic tussle over Microsoft Corp., European Union antitrust regulators said yesterday they were investigating whether the software giant&#39;s deal with media conglomerate Time Warner Inc.
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After a public outcry over the collapse of BenQ's German mobile telephone making operations, electronics giant Siemens has sought to repair its reputation by cancelling a generous pay-rise for top managers and using the money saved to help BenQ's German employees instead.
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MUNICH, Germany : German electronics giant Siemens said that financial burdens connected with a technical fault in its new mobile phone handsets were likely to reduce earnings in the final quarter of its business year ending in September.
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Prosecutors said yesterday they were investigating an accounting fraud of almost 2 trillion won ($1.7 billion) at Hynix Semiconductor that began in 1996 and ended in 1999.
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Siemens has posted a warning over its latest range of mobile phones suggesting that a flaw in them may hurt user while using them.
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Siemens  Chief Executive Klaus Kleinfeld denied any knowledge that the German engineering conglomerate was paying bribes in exchange for contracts, German magazine Focus reported on Saturday.
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A renegade supplier may have flooded U.S. market with up to a million bogus batteries.
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Siemens AG confirmed Friday, Nov. 12, it is close to clinching a deal with InterRos Holding Co.
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NEW YORK, Aug 30 (IPS) - U.S. officials from the Securities and Exchange  Commission, the Justice Department and the Federal Bureau of  Investigation met with prosecutors in Munich this week regarding  the 1.3-billion-dollar bribe fund run by Siemens, the German  multinational technology company.
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Siemens AG, Germany&#39;s biggest engineering company, denied it is in talks with potential venture partners for its troubled mobile-phone business, which sustained losses in the quarter through June.
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Siemens, the German engineering company, banned its sales managers from using consultants for winning new orders after an investigation into whether money was embezzled through such agreements to bribe customers. âWe decided to introduce a general ban on the use of consultant agreements in our sales organization,â a spokeswoman, Monika Bruecklmeier, said. Exceptions can be granted only through the companyâs head of compliance, she said. An investigation of such payments has spread to at least six countries and forced the company to review 420 million euros ($544 million) in payments, and has put pressure on Siemens to explain how the suspected system of bribes went unchecked by top management.
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State prosecutors want to talk to Siemens  chief executive Klaus Kleinfeld as part of a probe into suspected fraud at the German industrial conglomerate, a source familiar with the matter told Reuters on Saturday.
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The house of former Siemens chief financial officer Heinz-Joachim Neubuerger has been searched as part of an investigation into corruption at the German engineering giant, a press report said Tuesday.
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Two more people have been arrested in an investigation of suspected embezzlement of company funds at Siemens bringing the total to six, Munich prosecutors said. The two worked at the internal audit and accounting unit of the electronics conglomerateÂs fixed-line communications division. Prosecutors say that the six people banded together to help commit breach of trust against Siemens by setting up secret funds outside Germany. Prosecutors said the embezzled amount could be more than 200 million euros ($255 million). They added that the money had not yet been tracked down.
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U.S. car parts maker TRW  plans hardly any job cuts should Germany's Siemens  sell automotive electronics unit VDO to the U.S. company, a German weekly reported on Sunday.