Siemens To Sue Former Top Executives - Corruption Scandal
- added July 23, 2008
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German multinational Siemens is expected to launch multimillion euro lawsuits against some of its top ex-managers, according to a newspaper report. The company reportedly accuses the managers of having failed to take action to prevent corrupt practices at the company.
Engineering and electronics giant Siemens is reportedly planning to sue former directors it believes were responsible for failing to prevent what became the largest corruption scandal in German corporate history, according to a major national daily. The company's supervisory board, the Munich-based Süddeutsche Zeitung reported on Tuesday, is expected to make the decision next week to launch legal proceedings against 10 former top executives who sat on the group's board between 2003 and 2006.
According to the newspaper, the top managers -- who include former Siemens bosses Klaus Kleinfeld and Heinrich von Pierer and former financial director Heinz-Joachim Neubürger -- are being accused by the company of grave failures when they ran Siemens, allowing one of the biggest corruption scandals in German corporate history to unfold. Siemens is said to be seeking several million euros in damages from each of the 10 executives.
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Engineering and electronics giant Siemens is reportedly planning to sue former directors it believes were responsible for failing to prevent what became the largest corruption scandal in German corporate history, according to a major national daily. The company's supervisory board, the Munich-based Süddeutsche Zeitung reported on Tuesday, is expected to make the decision next week to launch legal proceedings against 10 former top executives who sat on the group's board between 2003 and 2006.
According to the newspaper, the top managers -- who include former Siemens bosses Klaus Kleinfeld and Heinrich von Pierer and former financial director Heinz-Joachim Neubürger -- are being accused by the company of grave failures when they ran Siemens, allowing one of the biggest corruption scandals in German corporate history to unfold. Siemens is said to be seeking several million euros in damages from each of the 10 executives.
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