The bealeguered Siemens has seen the departure of another high-level executive. Albrecht Schaefer, former head of compliance, and the individual who presided over the firm's ethics regime while the massive bribery took place, has been let go.

The move had been rumored for several weeks in the German press and Debevoise & Plimpton, the law firm drafted by Siemens to manage its internal investigation had also reportedly been pushing for Schaefer's ouster.

For more on the Albrect Schaefer departure, check out The Ethical Corporation.

Meanwhile, the Siemens bribe total keeps getting higher...now topping $1.35 billion. Details on that front here.

-- MDT

Labels: Albrecht Schaefer, bribery, Debvoise and Plimpton, Siemens

...significantly in excess of the $575 million previously reported. Meanwhile, Debevoise & Plimpton, the law firm Siemens hired to investigate itself has apparently complained to the Siemens supervisory board regarding the company's failure to cooperate.

-- MDT

Labels: bribery, Debvoise and Plimpton, Siemens

From the sharp eye (and pen) of RE: The Auditors... Francine McKenna catches a potential issue on the rise.

Debvoise & Plimpton is the law firm retained by Siemens' audit committee to aid the company in their internal investigation of the bribery allegations. D&P will be using number crunchers from Deloitte Touche Tomahtsu to assist.

However, Deloitte and Siemens have a business relationship in implementing software for third party clients. Deloitte touts these industry alliances (with both Siemens Energy & Automation, Inc. and Siemens Medical Solutions USA, Inc) right here.

Now Deloitte is a big place, but given their relationship with Siemens, should they really be the guys reviewing the books? And when will someone call them on it?

Hop on over to RE: The Auditors to read more of Ms. McKenna's comments on the subject.

-- MDT

Labels: Debvoise and Plimpton, Deloitte, Siemans Medical, Siemens