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Siemens says bribery probe will 'take time'

14 Apr 2008
00:00
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An investigation of US authorities into corruption at Siemens will take some time, and that the company is confident about the outcome, Siemens' compliance chief, quoted by a Reuters report said.

'It can take a long time yet,' Peter Solmssen told the German paper Tagesspiegel in an interview.

Solmssen said his feeling was that the US's SEC market watchdog was responding well to the actions Siemens was taking.

'We have a very good story, we have done an awful lot right. We are not getting precise feedback, but the atmosphere is good,' he was quoted as saying.

Solmssen added that Siemens would exercise its legal rights and could sue individuals. It would pursue any claims for damages.

'We will protect the interests of Siemens regardless of the individual,' Solmssen added.

The SEC and Siemens itself are investigating whether employees of Siemens, one of the world's largest electrical and industrial engineering companies, paid hundreds of millions of euros in bribes for telecommunications and other contracts.

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