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by David R. Brousell, MA Editorial Staff
Posted on Thursday, January 24, 2008 4:00:00 PM Sign Up to receive Daily News Alerts in your E-mail Inbox    | Abstract: | The engineering and automation stalwart continues to turn in quarterly increases, even as a bribery scandal within the company broadens.
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| Keywords: | Siemens bribery, Siemens financials |
At its annual shareholders' meeting in Munich today, Siemens AG reported a strong start to fiscal 2008, saying that first-quarter revenue grew 10% and profit from operations rose 16%, even as a worldwide bribery scandal that has engulfed the company since last year continues to play out. Gerhard Cromme, chairman of Siemens' Supervisory Board, said that U.S. authorities have agreed to begin discussions with Siemens to reach a "comprehensive and fair settlement" of the bribery crisis. Cromme said the agreement follows a meeting with the U.S. Justice Department and the Securities and Exchange Commission held on Dec. 17, 2007, and attended by himself and Siemens CEO Peter Loscher. The disclosure of the agreement to move discussions forward with the United States, however, doesn't mean that the bribery affair is near a conclusion. The crisis, which has involved charges of bribery of public officials in numerous countries, embezzlement, money laundering, and tax evasion, resulted in the resignations of Klaus Kleinfeld, the former CEO, and Heinrich von Pierer, the former Supervisory Board chairman, last year. [Click to continue] |
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