Saturday, October 6

Siemens hit with €201 million fine for corruption. VERY GOOD!

I hate corruption with a vengeance. I hate it and I hate the people who pay corrupt people. Also, going after the suppliers of corruption is much easier and better than going after the recipients. Simple demand and supply. So when I read about the fact that Siemens has been hit by a €201 million fine for corruption, I nearly cheered on the tube! Some quotes:

Siemens was last night fined €201m by the German authorities over a bribery scandal in its telecommunications unit in the first of several rulings that could end up costing Europe's largest engineering group billions.

The fine by the Munich district court represents the first step by the German conglomerate to address what senior directors have called a "systematic" approach to bribery that has spawned investigations by several regulators including the US Securities and Exchange Commission.

German regional prosecutors are still investigating alleged bribery in Siemens' power generation unit and whether the group illegally helped finance a rival to its main trade union.

Authorities in the US, Italy, Switzerland and Liechtenstein are also investigating, and Siemens faces antitrust probes in other countries.

If it was up to me, I would grind this company into the ground, hound the guilty management into retirement and ban them from ever working in the corporate sector and ban the directors from ever holding corporate directorships. Lessons MUST be learnt.

All this to be taken with a grain of piquant salt!!!

No comments: