Siemens: No Leniency for Executives

The Siemens corruption scandal has been simmering for over a year as investigations turn up bigger and bigger numbers. 1.2 billion euros are said to have been set aside for bribes, mainly abroad. Peter Löscher, who took over as Siemens CEO some six months ago, is driving the investigation. Recently, Siemens employees have been speaking out and blaming certain managers. But there is evidence suggesting that executives, including Klaus Kleinfeld and Heinrich von Pierer, were involved. This has led senior management to ask for the planned shareholders meeting to be postponed. It is hoped that restructuring of the company and a smaller executive board will further clarify matters. But is it enough and what's next for Siemens? Has the scandal damaged the firm's image and how will Löscher regain control? A report by Joachim Eggers .

DW-World | January 22, 2008

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