Siemensâs Prosperity Doesnât Obscure Bribery Scandal
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Business is booming at Siemens under the new chief executive. Yet the coming trials of some former executives have kept the company operating under a cloud.
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The metal recycler shows that even with commodity companies, management matters.
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Business & money: Investors say firm is now byword for corruption despite breakthrough after whistleblower amnesty
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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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Troubled German engineering giant Siemens said Monday it had created a board level position to fight corruption, one of three nominations aimed at restoring the group&#39;s tarnished reputation.
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A top manager at Siemens has turned himself in to police and has made detailed statements with on an unfolding bribery scandal at the German engineering giant, prosecutors said.
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Some of Germany's best-known and highly respected companies, including Siemens and Volkswagen, have hit the headlines this week in corruption scandals that threaten to tarnish Germany's squeaky clean business reputation.
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The scandal-tagged IPO wants some respect.
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The money-transfer company isn't taking a breather.
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Dumping a rival manufacturer's mobile phone into a glass of water is not the sort of thing Klaus Kleinfeld, who takes over from Heinrich von Pierer at the helm of Siemens on Thursday, is likely to want to be remembered for.
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German engineering giant Siemens posted solid fourth quarter results Thursday, but a shadow clouded the presentation as it admitted 1.3 billion euros (billion dollars) in dubious transactions in its accounts.
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Most industries have some not-so-rosy practices.
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German engineering giant Siemens said it had suspended a number of employees in the ongoing corruption probe as evidence appeared to harden that they might have been involved in possible wrongdoing.
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A wave of business scandals in the  past few years has focused much more attention on how companies  are run, but even many investor watchdogs don't exactly agree  on how to assess corporate governance.
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The company's upcoming earnings increases aren't exactly the stuff of investment dreams.
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Transparency International, the anti-corruption watchdog, is threatening to exclude Siemens from membership in the wake of the unfolding bribery scandal at the German engineering giant, a top TI official has said in a newspaper interview.
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(InfoWorld) - The planned merger of network infrastructure units at Nokia and SiemensÂ won't close by the end of this year as expected because the companies will execute a compliance review of Siemens, spurred by the corruption investigation currently shaking the German technology company. Authorities across Europe have been investigating bribery charges at Siemens. Earlier this week, the former head of Siemens' telecommunications equipment group -- the one to be merged with Nokia's networks unit -- was arrested as part of the investigation. The companiesÂ announced plans in June to merge the groups, creating a company called Nokia Siemens Networks that would have had combined revenues in 2005 of â¬15.8 billion ($20.9 billion). They said at the time that the deal would close by the end of the year and that the new company would begin operations in January. They now say they expect to close the deal and begin operations in the first quarter of 2007, meaning possibly as late as March. Closing the deal depends in part on the result of a compliance review of the Siemens unit, which Siemens plans to conduct in the first quarter. The review will also produce a compliance program that the new company will implement. Antitrust authorities in the U.S. and the European Union have already approved the merger, and the companies have announced many of the executives who will lead Nokia Siemens Networks. As recently as mid-November the companies were saying they expected to begin their combined operations in January.