Siemens to sue its former directors for corruption

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The FT has reported that:

Siemens on Tuesday announced it planned to claim damages from eleven of its former executive board members, including ex-chief executives Heinrich von Pierer and Klaus Kleinfeld, over their role in the bribery scandal that struck the company almost two years ago.

Europe's biggest engineering group claimed the managers had "breached their organisational and supervisory responsibilities", thus failing to stop illegal practices and wide-ranging bribery in a scandal that could potentially cost the engineering group several billion euros.

Much of the corruption involved tax havens, of course.

This is fantastic news: this is a development that is to be warmly welcomed by anyone who believes in business, ethics, and the closing of the secrecy space that tax havens supply.


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