It has been widely reported over the last few days that Siemens, the German electronics manufacturer best known in the states for its cell phones, has been implicated in a wide-ranging bribery scheme. On Wednesday investigators raided Siemens' offices as well as thirty other locations (both businesses and private residences) in an effort to put the kibosh on the scam and gather information on its participants and scope.

Alleged so far are market manipulating bribesof high-ranking officials in countries such as Russia, designed to guarantee increased business opportunities for Siemens. Swiss officials have signaled their involvement as efforts are being made to track the off-the-books black accounts that Siemens has supposedly been using to fund their international bribery scheme.

Millions have already been siezed in the probe and the suspicion is that some $25 million may have been embezzled from Siemen's fixed line group in order to fund the bribes. Five have been arrested so far.

-- MDT

Labels: bribery