Via the New York Times:

Andreas Kley, a former finance chief at Siemens’s power-generation unit, and Horst Vigener, a consultant — were convicted of paying about 6 million euros in bribes from 1999 to 2002 to help Siemens win gas-turbine supply contracts with Enel, an Italian energy company. The contracts were valued at approximately 450 million euros ($609 million).

Along with the two convictions, Siemens itself has been ordered to pay $50 million in fines. Siemens has cried foul and has stated their plans to appeal the rulings.

A seeming multitude of much more sprawling investigations are continuing into the company's business practices and no one is seeing bottom just yet.

-- MDT

Labels: Andreas Kley, bribery, Horst Vigener, Siemens