The Daily Caveat is written by Michael Thomas, a recovering corporate investigator in the Washington, DC-area. [More]
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5/11/2009
What is it With German Companies and Bribery?
5/10/2009
Snag in the Oracle Talks to Acquire Sun Microsystems
British Rail Chief Under Investigation Found Dead
Frontline: Black Money
Exploring Corporate Liability for Foreign Bribery 3/19/2009
Shell Bribery Probe Continues
Frontline Production on Corporate Bribery
Siemens Signs off on Billions in Fines
Haliburton Bribery Investigation Continues
Global Anti-Bribery Regime Begins to Take Shape
When Bribery Isn't Bribery
Siemens and the SEC Close to a Deal? 7/25/2008
Former Siemens Top Brass Denies Wrongdoing, Post Schaefer Testimony
-- MDT
7/23/2008
Siemens Plans to Loose the Legal Hounds on Former Managers Implicated in Bribery Scandal
Former Anti-Corruption Chief Testifies in Siemens Bribery Trial, Results Ugly For Siemens Management
Samsung Boss Avoids Jail Time, Faces Steep Fine
Prosecutors Finger Siemens Board Member in Union Bribes
Bribery Convictions for Two Former Siemens Managers
Dickie Scruggs Gets Five Years, Forced to Pay for Own Incarceration
Transparency International Shames Countries Soft on Corporate Bribery Prosecution
Former Siemens Manager Heads to Trial
Siemens' von Pierer Will Face No Charges 5/13/2008
Investigative Firm Used to "Spy" on DOJ Investigation?
Another Exec Out a Siemens
Siemens' von Pierer Fingered as Probe Goes (Even More) Global
Siemens Brass Bobs and Weaves as New Information on Bribery Culpability Emerges
Former Siemens Manager Faces Embezzelment Charges
Siemens Paid Bribes to Keep their Other Bribes Quiet 1/06/2008
Ohio Bureau of Workers’ Compensation Worker Pinched For Selling Personal Data to Private Investigator
WSJ Follows the Siemens Money Trail
Siemens and the SEC Have "Good Conversation"
Siemens New Finance Chief Appointed, Removed
More Searching at Siemens Offices 11/30/2007
Sex, Bribery and Secret Payments at V-Dub
U.S. Govt. Obtains Swiss Papers in BAE Arms Dealing Probe
NYT Digs Deep on BAE and Corporate Bribery
Munich Ruling Details Siemens Bribes 11/16/2007
Siemens Braces for U.S. Penalties
Is is Really Possible for the Siemens Bribery Probe to Get Bigger?
Kerik Goes Down in NY
SEC and Siemens to Get Some Facetime 10/16/2007
Checking in With Louisiana's Corrupt (but still serving) Congressman, Vernon Jordan
10/15/2007
SEC Begs German Assistance in Siemens Invvestigation 10/09/2007
Siemens Settlement Criticized
Speigel Tells Us: Why Siemens Should Never Have Been Listed by Wall Street
China Law Blog
Siemens Slush Fund Probe Continues, $1.5 Billion in Question
More on the SEC's Letter Rogatory Request to the German Justice Ministry
Siemens Probes Extend to China
Siemens Fires Head of Compliance, Bribery Scandal Unabated
The Siemens Investigation Turns Up Even More Payments
Bershad Guilty Plea... Supporting Docs
U.S. Regultors Ramping Up Prosecution of Foreign Firms
The World Bank Delving into Siemens Bribery Investigation
Siemens Anti-Corruption Chief Forced Out After Six Months
Louisiana Representative William Jefferson Indicted
Labor Leader Admits Taking Siemens Bribes
Siemens Bribery Investigation Turns To China 5/22/2007
German Companies On Notice - Scandal may Not Stop at Siemens
Siemens Pulls Trigger on new CEO
First Sentences Come Down in "Bottomless" Siemens Corruption Probe
Siemens Bribery Pit To Get Deeper According to Debevoise & Plimpton Internal Investigation
Vietnamese Businessman Named as recipient of Siemens Bribes
Kleinfeld Resigns (or Was it A Coup?)
Siemens Executive Shuffle... Kleinfeld on his last legs?
Board Chair Resigns at Siemens
How to End Bribery in Business
Siemens' Feldmayer Released 4/04/2007
Siemens Facing Lawsuit on Union Payoffs
Siemens Investigation Expands, Plot Thickens
Another Search and More Arrests Coming in Siemens Bribery Probe
Siemens Board Member Arrested
Siemens Shockwaves.... German Companies Tighten Up
UBS Employee Faces Charges for Selling Tips to Hedge Funds
Dow Chemical Runs Afoul of OFAC, Facing Fine on Bribes
DOJ Probes Siemens
New Audit Shows Depth of Corruption at Siemens
Siemens Duo Deny Connection to Bribery Probe
KPMG and Siemens, A Match Made in Prison?
1/12/2007
Former Siemens CFO a Suspect in Bribery Investigation
Siemens (Iraq) Bribery Probe Stirring
Holiday Catch-Up - What'd I Miss?
Six Siemens Bribery Probe Suspects Released
More on Thomas Ganswindt, the Former Siemens Board Member Arrested in the Ongoing Bribery Probe 12/17/2006
Siemens Aware Bribery Probe Brewing Since '04?
Senior Ex-Siemens Official Held in Bribery Probe Has a Name
Siemens Bribery Probe Expands
SEC Probe For Siemens
"A Swamp of Bribes" - Great Spiegel Article on Siemens Bribery Probe
Siemens Creates Task Force in Response To Bribery Probe
Siemens in Black Account Bribery Probe, Law Enforcement Raids Company Offices
U.S. Investigative Firm, Diligence, Settles Charges it Interfered in International Money Laundering Investigation
UK Serious Fraud Office Investigation Continues to Dog Halliburton SubSid on Nigerian Bribery Scandal
Former Atlanta Mayor Skates on Bribery and Racketeering Charges, Hooked on Tax Evasion
KPMG Bermuda Sues Investigative Group
Higher Profile for Corporate Sleuths
Scrushy Charges Dropped....But Civil Case Date Set
Volcker Probe Names Names in UN Oil for Food Scandal
Running Afoul of OFAC is Increasingly Bad Business
Haliburton Miasma Sucks Down Another Business
What is it With German Companies and Bribery?
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Snag in the Oracle Talks to Acquire Sun Microsystems
That Sun make have broken anti-bribery laws in an undisclosed jurisdiction outside the U.S. Sun made the disclosure in a recent Federal filing and is cooperating with the DOJ and SEC on matter.
-- MDT
4/16/2009
-- MDT
Labels: bribery, Oracle, Sun Microsystems
British Rail Chief Under Investigation Found Dead
Given the epic level of shameless corruption and greed we've seen exposed state-side in the last few months a story like this is all the more hard to process. In the UK a husband and wife commit suicide together, rather than face the outcome of an ongoing bribery investigation. Tragic, unbelievable. All over a few trinkets - cars watches, etc. - not even close to the billions we've seen people like Dreier, Stanford and Madoff piss through.
-- MDT
4/09/2009
-- MDT
Labels: Anthony Burgess, bribery
Frontline: Black Money
Mentioned this PBS report on international bribery to you back in February. The full program is now available online.
Well worth your time.
- MDT
4/01/2009
Well worth your time.
- MDT
Exploring Corporate Liability for Foreign Bribery 3/19/2009
Shell Bribery Probe Continues
A little of that FCPA action we've been talking about. The U.S. government's investigation goes (involving both the SEC and DOJ) back to 2007 and concerns allegations that reps of Royal Dutch Shell paid bribes to Nigerian customs agents, possibly through Swiss freight forwarding firm Panalpina. The SEC is investigating ten other firms that used Panalpina on suspicion of similar illegal payments. Shell has been running its own internal investigation alongside the U.S. Government probe.
-- MDT
2/20/2009
-- MDT
Labels: bribery, FCPA, Royal Dutch Shell
Frontline Production on Corporate Bribery
Typical great work from PBS's Frontline program. The full report will broadcast in April, but you can check out clips online right now, right here.
-- MDT
12/15/2008
-- MDT
Siemens Signs off on Billions in Fines
Looking to close the book on the massive bribery investigation, Siemens settles for big bucks on lesser charges.
-- MDT
10/01/2008
-- MDT
Labels: bribery, settlement, Siemens
Haliburton Bribery Investigation Continues
Harpers brings you up to date on the story, including details on the recent guilty plea of a former Haliburton executive, Albert “Jack” Stanley, who last week copped to bribing Nigerian officials.
-- MDT
9/15/2008
-- MDT
Labels: bribery, Haliburton, Nigeria
Global Anti-Bribery Regime Begins to Take Shape
Finally getting serious about enforcing OFAC in the U.S. Not letting corporations write of their bribes as tax deductions in Europe - it's a whole new world out there!
-- MDT
9/01/2008
-- MDT
When Bribery Isn't Bribery
That would be in Germany prior to 2002... And thanks to that Siemens has seen a €38 million fine overturned and a few bribery convictions along with it.
-- MDT
8/20/2008
-- MDT
Labels: bribery, overturned, Siemens
Siemens and the SEC Close to a Deal? 7/25/2008
Former Siemens Top Brass Denies Wrongdoing, Post Schaefer Testimony
I know you're shocked, right?
Meanwhile, legal action against their former managers and executives is expected to be filed by Siemens next Tuesday.
Meanwhile, legal action against their former managers and executives is expected to be filed by Siemens next Tuesday.
-- MDT
Labels: Albrecht Schaefer, bribery, Heinz-Joachim Neubürger, Siemens
Siemens Plans to Loose the Legal Hounds on Former Managers Implicated in Bribery Scandal
This had been intimated by the Siemens brass for some time, but now things are starting to get official, as the company has announced its intent to file suit against 10 former board members, as well as the former chairman and chief executive.
- MDT
7/22/2008
- MDT
Former Anti-Corruption Chief Testifies in Siemens Bribery Trial, Results Ugly For Siemens Management
Surprising virtually no one, former Siemens anti-corruption official, Albrecht Schaefer indicated in his recent testimony that the company's top brass ignored the bribery that was happening right under their noses.
Moreover, Schaefer stated flatly that he personally informed several familiar names (Heinz-Joachim Neubuerger, Juergen Radomski, and Thomas Ganswindt) about the dubious practices he had observed.
-- MDT
7/16/2008
Moreover, Schaefer stated flatly that he personally informed several familiar names (Heinz-Joachim Neubuerger, Juergen Radomski, and Thomas Ganswindt) about the dubious practices he had observed.
-- MDT
Labels: Albrecht Schaefer, bribery, Heinz-Joachim Neubürger, Juergen Radomski, Siemens, Thomas Ganswindt
Samsung Boss Avoids Jail Time, Faces Steep Fine
Lee Kun-Hee has avoided prison with a three year suspended sentence on tax evasion charges. He will, however, be forced to pay a more than $100 million fine. That hurts, no doubt, but he'll hardly miss it out of his $4.9 billion dollar net work.
The final numbers are quite a step down from the seven years behind bars and $400 million fine prosecutors had been aiming for. While it was suspected that Lee's had been using the extra cash for political bribes, prosecutors were never quite able to make the case.
On the other hand... Lee's sentence sure makes it look like this guy got the shaft. Nine years in prison? It just goes to show - if you're going to steal money, its always better to steal a whole hell of a lot of it. And be, like, really important.
That helps too.
-- MDT
7/07/2008
The final numbers are quite a step down from the seven years behind bars and $400 million fine prosecutors had been aiming for. While it was suspected that Lee's had been using the extra cash for political bribes, prosecutors were never quite able to make the case.
On the other hand... Lee's sentence sure makes it look like this guy got the shaft. Nine years in prison? It just goes to show - if you're going to steal money, its always better to steal a whole hell of a lot of it. And be, like, really important.
That helps too.
-- MDT
Labels: bribery, Lee Kun Hee, Samsung, tax evasion
Prosecutors Finger Siemens Board Member in Union Bribes
Former Siemens executive board member, Johannes Feldmayer allegedly authorized more than $48 million in the service of bettering union relations.
That would do it, I imagine.
The German government, however, has taken a dim view of this action.
Both Feldmayer and AUB union boss, Wilhelm Schelsky have been charged in the Siemens bribery probe on fraud, tax evasion and beach of trust grounds.
Schelsky, for his part, has a back-log of other legal problems to boot.
More on Feldmayer and Schelsky via Blooomberg.
-- MDT
6/30/2008
That would do it, I imagine.
The German government, however, has taken a dim view of this action.
Both Feldmayer and AUB union boss, Wilhelm Schelsky have been charged in the Siemens bribery probe on fraud, tax evasion and beach of trust grounds.
Schelsky, for his part, has a back-log of other legal problems to boot.
More on Feldmayer and Schelsky via Blooomberg.
-- MDT
Labels: bribery, Johannes Feldmayer, Siemens, Wilhelm Schelsky
Bribery Convictions for Two Former Siemens Managers
Via the New York Times:
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
6/29/2008
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
Dickie Scruggs Gets Five Years, Forced to Pay for Own Incarceration
This would be the maximum jail time Scruggs might have faced for his recent conviction on charges related to the attempted bribery of a Mississippi judge. Scruggs will also have to pay a $25o,000 fine, which will pay for the cost of his incarceration. Scrugg's son Zachary also plead guilty in the matter, with sentencing scheduled for Wednesday of this week. See the NYT for more on the Dickie Scruggs sentencing.
-- MDT
6/24/2008
-- MDT
Labels: bribery, Dickie Scruggs
Transparency International Shames Countries Soft on Corporate Bribery Prosecution
Read a brief UK-centric recap here or check out the full report at the Transparency website.
-- MDT
5/26/2008
-- MDT
Labels: BAE, bribery, prosecution, Siemens
Former Siemens Manager Heads to Trial
The company's colorful interpretation of the word "commissions" may not fare too well under the harsh gaze of the German judiciary. We'll see as the case against Reinhard Siekaczek, the one time Siemens manager who is out in front of the global bribery probe that has subsumed his former employer. Siekaczek is facing 58 counts of breach of trust and the real question is who he'll implicate on his way down.
--MDT
5/18/2008
--MDT
Labels: bribery, Reinhard Siekaczek, Siemens
Siemens' von Pierer Will Face No Charges 5/13/2008
Investigative Firm Used to "Spy" on DOJ Investigation?
Did the daughter of Kazakhstan President Nursultan Nazarbayev use a U.S. investigative firm to pry details out of an $84 million Justice Department bribery probe targeting her father?
It certainly seems so. The New York Times reported today that Dariga Nazarbayeva hired investigative firm, GlobalOptions for just such a purpose.
In a 2003 report produced by GlobalOptions and cited by The Times, the firm stated that they "mined connections at the White House, State Department, Justice Department and the Federal Bureau of Investigation to learn more about the inquiry."
It might comfort you to know (or it might not) that CIA Director James Woolsey and former FBI Directors William Webster and William Sessions have all been affiliated with GlobalOptions in recent years.
I hear that they're all doing quite well in private practice.
-- MDT
4/23/2008
It certainly seems so. The New York Times reported today that Dariga Nazarbayeva hired investigative firm, GlobalOptions for just such a purpose.
In a 2003 report produced by GlobalOptions and cited by The Times, the firm stated that they "mined connections at the White House, State Department, Justice Department and the Federal Bureau of Investigation to learn more about the inquiry."
It might comfort you to know (or it might not) that CIA Director James Woolsey and former FBI Directors William Webster and William Sessions have all been affiliated with GlobalOptions in recent years.
I hear that they're all doing quite well in private practice.
-- MDT
Labels: bribery, Dariga Nazarbayeva, GlobalOptions
Another Exec Out a Siemens
This time Erich Reinhardt - a soon to be former Siemens management board member.
-- MDT
4/20/2008
-- MDT
Labels: bribery, Erich Reinhardt, Siemens
Siemens' von Pierer Fingered as Probe Goes (Even More) Global
For months we've been talking about the Siemens bribery probe's weed-like expansion. Every time one is tempted to think that it can't go further, it does. 270 individuals are currently being investigated by German authorities and Siemens has also apparently made plans to sue former company managers for damages - and the cases could come within weeks. '
Last week, for the first time a witness (former Siemens compliance guru, Albrecht Schaefer ) went on record tying former Siemens CEO, Heinrich von Pierer personally to the scandal. For his part, von Pierer continues to deny any and all charges. However, claims of innocence haven't stopped von Pierer from chatting with German prosecutors.
About the weather, I'm sure.
-- MDT
4/15/2008
Last week, for the first time a witness (former Siemens compliance guru, Albrecht Schaefer ) went on record tying former Siemens CEO, Heinrich von Pierer personally to the scandal. For his part, von Pierer continues to deny any and all charges. However, claims of innocence haven't stopped von Pierer from chatting with German prosecutors.
About the weather, I'm sure.
-- MDT
Labels: Albrecht Schaefer, bribery, Heinrich von Pierer, Siemens
Siemens Brass Bobs and Weaves as New Information on Bribery Culpability Emerges
As many suspected from the start, management knowledge of Siemens' bribery allegations now appears to date back much further than the firm had previously admitted - as far back as 2003. Not exactly news to anyone who has been reading this space for any length of time...
But now Siemen's former compliance officer, Albrecht Schaefer - who was cut loose back in August of 2007 - has it on the record in court that he informed chairman Heinrich von Pierer (who, for his part, is facing other indignations this week) and other top managers about the bribes.
In fact, he even wrote of the bribes as business strategy in an internal document in 2004. Read all about it at Deutsch Welle.
-- MDT
4/11/2008
But now Siemen's former compliance officer, Albrecht Schaefer - who was cut loose back in August of 2007 - has it on the record in court that he informed chairman Heinrich von Pierer (who, for his part, is facing other indignations this week) and other top managers about the bribes.
In fact, he even wrote of the bribes as business strategy in an internal document in 2004. Read all about it at Deutsch Welle.
-- MDT
Labels: Albrecht Schaefer, bribery, Heinrich von Pierer, Peter Loescher, Siemens
Former Siemens Manager Faces Embezzelment Charges
The name "Reinhard S" goes back to the heady days of Siemens office raids and black-budget bribery. It was the global omni-corp's telecom division, Reinhard's home, that first faced corruption charges in what turned into a glob-spanning rebuke of Siemen's business practices.
While the general probe into Siemen's telecom group has ended, former sales manager "Reinhard S" is only now preparing to stand trial on charges of embezzlement and breach of trust for his role in the wide-spanning corruption. The festivities begin on May 26.
-- MDT
4/03/2008
While the general probe into Siemen's telecom group has ended, former sales manager "Reinhard S" is only now preparing to stand trial on charges of embezzlement and breach of trust for his role in the wide-spanning corruption. The festivities begin on May 26.
-- MDT
Labels: bribery, embezzelment, Reinhard S, Siemens
Siemens Paid Bribes to Keep their Other Bribes Quiet 1/06/2008
Ohio Bureau of Workers’ Compensation Worker Pinched For Selling Personal Data to Private Investigator
PI Newslink has the details.
-- MDT
1/02/2008
-- MDT
Labels: bribery, business ethics, identity theft, private investigator
WSJ Follows the Siemens Money Trail
Most notable for the handy diagram of suspicious bank transactions. Oh yeah, and the excellent reporting...
The Daily Caveat just loves graphics.
--MDT
12/19/2007
The Daily Caveat just loves graphics.
--MDT
Siemens and the SEC Have "Good Conversation"
At least according to the Siemens company spokesman, you also indicated that the talks will be continuing. I bet they will... Meanwhile back at derr ranch, more housecleaning is planned through the start of '08.
-- MDT
12/17/2007
-- MDT
Siemens New Finance Chief Appointed, Removed
Apparently Hannes Apitzsch was tainted by scandal before he even got he seat warm. Meanwhile, Siemens and the SEC are planning a pow-wow, for today actually.
-- MDT
12/13/2007
-- MDT
Labels: bribery, Hannes Apitzsch, SEC, Siemens
More Searching at Siemens Offices 11/30/2007
Sex, Bribery and Secret Payments at V-Dub
Lest you think that Siemens is having all the fun on the German business scene... Things at Volkswagen have been similarly interesting (and illicit) of late. BusinessWeek has the skinny on the sex and bribery scandal at V-Dub, including a recent 48 count indictment against one of the car-maker's former supervisory board members.
-- MDT
11/28/2007
-- MDT
Labels: bribery, Ferdinand Piech, Germany, Klaus Volkert, sex, Volkswagen
U.S. Govt. Obtains Swiss Papers in BAE Arms Dealing Probe
The Guardian is reporting that Swiss prosecutors have agreed to hand over to U.S. authorities financial records linking the Saudi royal family to the BAE arms trading scandal. The U.S. government is seeking a million plus pages of documents relating from multiple sources touched by the probe. Thusfar Britain's Serious Fraud Office has denied U.S. requests for documents, something that goes back six months. This makes the Swiss disclosures all the more interesting.
Get further details on the BAE probe at The Guardian (including info about a witness flown to the U.S. to provide details to American authorities).
-- MDT
11/26/2007
Get further details on the BAE probe at The Guardian (including info about a witness flown to the U.S. to provide details to American authorities).
-- MDT
Labels: arms dealing, BAE, Bandar Bush, bribery
NYT Digs Deep on BAE and Corporate Bribery
Good stuff here on both the BAE bribery investigation, but also on the current state of FCPA investigations and prosecutions. Check it out.
-- MDT
11/18/2007
-- MDT
Labels: BAE, Bandar Bush, bribery, FCPA
Munich Ruling Details Siemens Bribes 11/16/2007
Siemens Braces for U.S. Penalties
The Siemens black accounts / bribery scandal would be the biggest FCPA case of all time and the U.S. has a history of showing up foreign governments when it comes to penalties. Conventinal wisdom says that the fines imposed here will be the biggest yet. More on the U.S. Siemens investigation from BusinessWeek.
-- MDT
11/12/2007
-- MDT
Is is Really Possible for the Siemens Bribery Probe to Get Bigger?
Apparently. The talk is now that the company's off the books payments total almost $2 billion. Already 140 Siemens employees have been fired in the probe and 330 more have received some form of reprimand while keeping their jobs. More from the IHT.
-- MDT
-- MDT
Kerik Goes Down in NY
He says he plans to fight the charges. We wish him luck.
He'll need it.
-- MDT
11/09/2007
He'll need it.
-- MDT
Labels: Bernard Kerik, bribery, tax evasion
SEC and Siemens to Get Some Facetime 10/16/2007
Checking in With Louisiana's Corrupt (but still serving) Congressman, Vernon Jordan
Some things make you proud of your home state. Some thing less so... Vernon Jordan would be of the latter category.
Good stuff here from Conde Nast Portfolio.
-- MDT
Good stuff here from Conde Nast Portfolio.
-- MDT
Labels: bribery, Louisiana, Nigeria, Vernon Jordan
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SEC Begs German Assistance in Siemens Invvestigation 10/09/2007
Siemens Settlement Criticized
While the recent settlement between Siemens and Munich prosecutors does not preclude other investigations moving forward, many have stepped forth to criticize German authorities for letting Siemens off so lightly for what seemed like wide ranging, brazen illegal activity.
--MDT
10/04/2007
--MDT
Labels: bribery, Germany, settlement, Siemens
Speigel Tells Us: Why Siemens Should Never Have Been Listed by Wall Street
The summary...
-- MDT
"Germany's scandal-plagued Siemens should have been barred from being listed on the US stock exchange in 2001. According to internal reports, the company's management at the time, under then-CEO Heinrich von Pierer, was guilty of serious negligence."The full article, from Spiegel.
-- MDT
Labels: bribery, Heinrich von Pierer, SEC, Siemens
China Law Blog
Interesting content here from a team of two lawyers, Dan Harris and Steve Dickinson, both of Harris and Moure. Their red on red is a pretty intense color scheme, but the content is good. Start with their post China Bribery: Send Lawyers, Guns And Money and go from there.
The Daily Caveat was in that part of the world just about a year ago. Here are some notes from Singapore, Hong Kong and (my favorite) Macau.
-- MDT
9/27/2007
The Daily Caveat was in that part of the world just about a year ago. Here are some notes from Singapore, Hong Kong and (my favorite) Macau.
-- MDT
Labels: blogs, bribery, China, Harris and Moure
Siemens Slush Fund Probe Continues, $1.5 Billion in Question
Dating back to the mid-1990s, questionable deals and dealings at Siemens now hang heavy over the company - to the tune of $1.5 billion. Investigators in Europe, Asia and the U.S. continue to dig in, with Siemens' own internal investigators at Debevoise & Plimpton continue to make more information public.
One major question spiraling out of all this is what roll Siemens' auditor, KPMG played in allowing all this to come to pass. That is a subject D&P plans to turn their attention to in short order. And if there is one blogger out there who you should look to for some deep thoughts on the subject of KPMG/Siemens, it would be Francine McKenna at RE: The Auditors.
-- MDT
9/06/2007
One major question spiraling out of all this is what roll Siemens' auditor, KPMG played in allowing all this to come to pass. That is a subject D&P plans to turn their attention to in short order. And if there is one blogger out there who you should look to for some deep thoughts on the subject of KPMG/Siemens, it would be Francine McKenna at RE: The Auditors.
-- MDT
Labels: bribery, Debevoise and Plimpton, KPMG, Siemens
More on the SEC's Letter Rogatory Request to the German Justice Ministry
Forbes has much more detail on the request put in to German authorities by U.S. regulators back in March for information on the Siemens bribery probe.
-- MDT
-- MDT
Labels: bribery, Letter Rogatory, SEC, Siemens
Siemens Probes Extend to China
20 have been let go by Siemens China operation on suspicion of corruption and it is known that Chinese authorities have interrogated at least one Siemens employee. Another person, a hospital employee, has also been arrested.
-- MDT
8/14/2007
-- MDT
Siemens Fires Head of Compliance, Bribery Scandal Unabated
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
7/30/2007
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
The Siemens Investigation Turns Up Even More Payments
...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
7/11/2007
-- MDT
Labels: bribery, Debvoise and Plimpton, Siemens
Bershad Guilty Plea... Supporting Docs
Fortune's Legal Pad has links out to the David Bershad plea agreement, along with a statement of fact and other supporting information. Go read it. I'll wait. Done?
Great, now go check out Parloff's follow-up post. Hot water, getting hotter - all around.
-- MDT
Great, now go check out Parloff's follow-up post. Hot water, getting hotter - all around.
-- MDT
Labels: bribery, David Bershad, indictment, Milberg Weiss
U.S. Regultors Ramping Up Prosecution of Foreign Firms
A recent Kroll report, cited in the FT shows a trend of the U.S. Department of Justice going after an increasingly broad array of foreign firms based on corrupt business practices. The traditional real of these probes would be oil companies, defense contrractors and the like, but the field of pursuit has widened considerably over the period from 2000 to 2006 to include telecom companies, pharmaceutical and consumer products manufacturers. Check out Kroll's press release and take a look at the full Kroll report right here.
-- MDT
7/02/2007
-- MDT
The World Bank Delving into Siemens Bribery Investigation
There is some concern from the World Bank, apparently, that some of the projects the organization sponsors may have intersected with Siemens' bribery tactics - not exactly a victory for international transparency. Forbes has details.
-- MDT
6/29/2007
-- MDT
Labels: bribery, Siemens, World Bank
Siemens Anti-Corruption Chief Forced Out After Six Months
On the eve of Peter Loescher's takeover of the Siemens C-suite the company's newly appointed anti-corruption officer is calling it a day. Daniel Noa, a former state prosecutor and the current head of Siemens compliance group, has apparently been forced out by unfriendly forces within the company. The FT mentioned something cryptic about him not trusting the Siemens legal department... Noa will remain as a consultant for the next eighteen months. Despite all this, the company insists tat its internal clean-up is proceeding apace.
-- MDT
6/05/2007
-- MDT
Labels: bribery, corruption, Daniel Noa, Peter Loescher, Siemens
Louisiana Representative William Jefferson Indicted
Authorities recently announced a long expected indictment of current Louisiana congressman, William Jefferson. You may recall Jefferson as the individual who, post Katrina, was caught with nearly $100,000 wrapped in tinfoil in his freezer.
Now, knowing Louisiana as I do, I would expect that most politicians have upwards of five figures socked away somewhere in small bills...
What made Jefferson's nest egg particularly notable, was its apparent origins as bribe money relating to Nigerian telecom deals and presidential candidates. The subsequent investigation of Jefferson included a controversial search of Jefferson's congressional offices and the political balance-of-power power squabbling that ensued has remained at a low simmer for months now.
Fueling the Jefferson indictment is evidence from two former associates - Brett Pfeffer, a former congressional aide and Vernon Jackson a telecom exec. Pheffer and Vernon Jackson allegedly funnelled approximately $1million to Jefferson to secure his support for various deals amongst African businessmen and politicians.
Pfeffer and Jackson both struck deals with prosecutors in exchange for dirt on Jefferson, who, as you might imagine, continues to protest his innocence, despite .
-- MDT
6/01/2007
Now, knowing Louisiana as I do, I would expect that most politicians have upwards of five figures socked away somewhere in small bills...
What made Jefferson's nest egg particularly notable, was its apparent origins as bribe money relating to Nigerian telecom deals and presidential candidates. The subsequent investigation of Jefferson included a controversial search of Jefferson's congressional offices and the political balance-of-power power squabbling that ensued has remained at a low simmer for months now.
Fueling the Jefferson indictment is evidence from two former associates - Brett Pfeffer, a former congressional aide and Vernon Jackson a telecom exec. Pheffer and Vernon Jackson allegedly funnelled approximately $1million to Jefferson to secure his support for various deals amongst African businessmen and politicians.
Pfeffer and Jackson both struck deals with prosecutors in exchange for dirt on Jefferson, who, as you might imagine, continues to protest his innocence, despite .
-- MDT
Labels: bribery, corruption, indictment, Nigeria, William Jefferson
Labor Leader Admits Taking Siemens Bribes
Wilhelm Schelsky, the former head of the German union, AUB has admitted that he took money from Siemens in exchange for acting as an "undercover lobbyist" for the company.
The comments from Schelsky, which appeared Thursday in a German magazine, would seem to add credence to the lawsuit brought against Siemens by rival union IG Metall which alleged just this type of shenanigans. Schelsky, who has been in police custody since February, reportedly received more than $45 million dollars from Siemens.
The Siemens board member who made the payments to Schelsky, Johannes Feldmayer, was also arrested on charges of conspiracy but has since been released on bond. His ultimate fate, as well as Schelsky's is still unknown, but none of this is particularly good news for Siemens.
-- MDT
5/31/2007
The comments from Schelsky, which appeared Thursday in a German magazine, would seem to add credence to the lawsuit brought against Siemens by rival union IG Metall which alleged just this type of shenanigans. Schelsky, who has been in police custody since February, reportedly received more than $45 million dollars from Siemens.
The Siemens board member who made the payments to Schelsky, Johannes Feldmayer, was also arrested on charges of conspiracy but has since been released on bond. His ultimate fate, as well as Schelsky's is still unknown, but none of this is particularly good news for Siemens.
-- MDT
Labels: AUB, bribery, IG Metall, Johannes Feldmayer, Siemens, Wilhelm Schelsky
Siemens Bribery Investigation Turns To China 5/22/2007
German Companies On Notice - Scandal may Not Stop at Siemens
Andrew Murray-Watson, Business Editor at The Independent muses about the Siemens bribery scandal. Not only do the escalating issues at Siemens tarnish the country's reputation for transparency, AMW argues, they may also signal a sea change for how business is done in Germany.
-- MDT
5/21/2007
-- MDT
Labels: bribery, corporate scandal, Germany, Siemens
Siemens Pulls Trigger on new CEO
And their pick? Peter Loscher, who comes out of the pharmaceutical industry. Löscher is currently the president of Global Human Health at Merck. His appointment makes him the first Siemens CEO to have not held a prior position with the company.
Read more about Loscher at the IHT.
-- MDT
5/17/2007
Read more about Loscher at the IHT.
-- MDT
Labels: bribery, CEOs, corporate scandal, Siemens
First Sentences Come Down in "Bottomless" Siemens Corruption Probe
"I have the impression that we are looking into a bottomless pit."
-- Siemens board member Berthold Huber to Der Spiegel
Siemens insiders not showing a lot of optimism these days. While the company's stock price had remained relatively stable throughout the bribery scandal that has subsumed Siemens over the last few months, the bad news just keeps coming and coming.
In keeping with that theme, two former employees from Siemens power generation division, Andreas Kley and Horst Vigener were recently convicted on bribery-related charges by a German court. These two names popped up back in mid-March, when they copped to bribery allegations. Then and now Kley and Vigener have denied broader company involvement and have received suspended sentences. Siemens plans to appeal the conviction.
-- MDT
5/09/2007
-- Siemens board member Berthold Huber to Der Spiegel
Siemens insiders not showing a lot of optimism these days. While the company's stock price had remained relatively stable throughout the bribery scandal that has subsumed Siemens over the last few months, the bad news just keeps coming and coming.
In keeping with that theme, two former employees from Siemens power generation division, Andreas Kley and Horst Vigener were recently convicted on bribery-related charges by a German court. These two names popped up back in mid-March, when they copped to bribery allegations. Then and now Kley and Vigener have denied broader company involvement and have received suspended sentences. Siemens plans to appeal the conviction.
-- MDT
Labels: Andreas Kley, bribery, Horst Vigener, Siemens
Siemens Bribery Pit To Get Deeper According to Debevoise & Plimpton Internal Investigation
Details at The Ethical Corporation... For further details on Siemans bribery as business strategy, check out the FT.
Meanwhile, a Frankfurt prosecutor has called for a 97 million euro fine for just one aspect of Siemen's bribery travails, that of the company's power generation unit. Frankfurt authorities are also angling for jail time for some of the smaller fish involved in the matter.
-- MDT
5/04/2007
Meanwhile, a Frankfurt prosecutor has called for a 97 million euro fine for just one aspect of Siemen's bribery travails, that of the company's power generation unit. Frankfurt authorities are also angling for jail time for some of the smaller fish involved in the matter.
-- MDT
Vietnamese Businessman Named as recipient of Siemens Bribes
According to a KPMG report, the details of which were obtained by Der Spiegel, a Mr. Le Tan Cuong received an unusual payment from Siemens in the amount of 241,515 euros in March of 2006. it is unclear as yet whether this is the same Le Tan Cuong who serves in Vietnam's Department for Managing Industrial and Exporting Processing Zones under the Ministry of Planning and Investment. So far Vietnamese officials have indicated that the existence of the two Cuongs is merely coincidental.
-- MDT
4/26/2007
-- MDT
Labels: bribery, Le Tan Cuong, Siemens, Vietnam
Kleinfeld Resigns (or Was it A Coup?)
Klaus Kleinfeld has announced that he will resign from Siemens, a result of the explosive bribery investigation that continues to dog the manufacturing firm (if not the company's stock price). Kleinfled had not, as yet, been implicated in any wrong doing, but he did have his enemies on the board Siemens board, who have apparently used this as an opportunity to force his ouster.
At least that's the story the FT is tellin'.
-- MDT
4/24/2007
At least that's the story the FT is tellin'.
-- MDT
Labels: bribery, corporate scandal, Klaus Kleinfeld, Siemens
Siemens Executive Shuffle... Kleinfeld on his last legs?
While a Siemens internal investigation found no evidence implicating CEO Klaus Kleinfeld in the recent bribery scandal, there is apparently still great pressure for him to step down. The German Financial Times has reported that Siemens' supervisory board is pushing for a new chief executive to replace Kleinfeld. Deutsche Bank CEO Josef Ackerman, a key member of the Siemens board is apparently spearheading the push against Kleinfeld.
-- MDT
4/20/2007
-- MDT
Labels: bribery, corporate scandal, Josef Ackerman, Klaus Kleinfeld, Siemens
Board Chair Resigns at Siemens
Heinrich von Pierer, supervisory board chairman of Siemens, is expected to resign in the next few days in response to mounting scandal at the troubled German conglomerate.
The FT has further details on von Pierer and his decision to resign.
-- MDT
4/13/2007
The FT has further details on von Pierer and his decision to resign.
-- MDT
Labels: bribery, corporate scandal, Heinrich von Pierer, Siemens
How to End Bribery in Business
The answer, from the Financial Times OPED page? Political will.
Yeah, I know. Good luck with that... Still, the column is a good read, and not one likely to make you any less cynical. The FT is not exactly Pollyanna, after all.
-- MDT
4/05/2007
Yeah, I know. Good luck with that... Still, the column is a good read, and not one likely to make you any less cynical. The FT is not exactly Pollyanna, after all.
-- MDT
Labels: BAE, bribery, commentary, EU, Siemens
Siemens' Feldmayer Released 4/04/2007
Siemens Facing Lawsuit on Union Payoffs
The scandal that felled Johannes Feldmayer has also brought about a new lawsuit against the beleaguered Siemens. Beset by scandal and a high-profile international investigation into its business practices, Siemens can't seem to get (and probably doesn't deserve) a break.
In light of the cozy relationship that has emerged between Siemens and German union AUB, rival tradeunion IG Metall has filed suit against Siemens, alleging that the company sought to undermine IG Metall's status via covert financing of AUB, which is considered to be a much more employer friendly organization.
-- MDT
4/02/2007
In light of the cozy relationship that has emerged between Siemens and German union AUB, rival tradeunion IG Metall has filed suit against Siemens, alleging that the company sought to undermine IG Metall's status via covert financing of AUB, which is considered to be a much more employer friendly organization.
-- MDT
Labels: AUB, bribery, IG Metall, Johannes Feldmayer, Siemens
Siemens Investigation Expands, Plot Thickens
As the Sieman's bribery scandal (and "Operation Amigo") creeps toward the company's C-Suite, the International Herald Tribune explores the "risks and rewards" of investing in Germany.
Meanwhile, not exactly helping things, certain Siemens employees under arrest have admitted to offering bribes to Russian officials.
Also be sure to check out the Wharton Business School's take on all this: Hit by an Earthquake: How Scandals Have Led to a Crisis in German Corporate Governance
-- MDT
3/30/2007
Meanwhile, not exactly helping things, certain Siemens employees under arrest have admitted to offering bribes to Russian officials.
Also be sure to check out the Wharton Business School's take on all this: Hit by an Earthquake: How Scandals Have Led to a Crisis in German Corporate Governance
-- MDT
Labels: bribery, investigation, Russia, Siemens, Wharton
Another Search and More Arrests Coming in Siemens Bribery Probe
So say authorities in Munich, who've done another pass through Siemens offices. Two additional warrants were subsequently issued...
At the time of this writing the names on those warrants are unknown, but Siemens did suspend another employee yesterday (following their suspension of Johannes Feldmayer on Tuesday) and it is assumed that person's name is one one of the warrants. The second warrant is apparently in the name of a former employee who left Siemens late last year.
Could it be that Siemens' former finance chief and a former member of its supervisory board, Karl-Hermann Baumann might be the former employee of interest to authorities? It is known that Baumann has been suspected for some time of having connections to the AUB bribery investigation that felled Mr. Feldmayer. Baumann is already under suspicion for breach of trust in connection with the AUD matter.
Meanwhile, back at Siemens HQ, its sweaty brows and clammy palms all around... What else can you expect when three out of four of your recent candidates for CEO are currently under investigation by highly motivated prosecutors. It tends to case a pall over the company picnic.
-- MDT
3/28/2007
At the time of this writing the names on those warrants are unknown, but Siemens did suspend another employee yesterday (following their suspension of Johannes Feldmayer on Tuesday) and it is assumed that person's name is one one of the warrants. The second warrant is apparently in the name of a former employee who left Siemens late last year.
Could it be that Siemens' former finance chief and a former member of its supervisory board, Karl-Hermann Baumann might be the former employee of interest to authorities? It is known that Baumann has been suspected for some time of having connections to the AUB bribery investigation that felled Mr. Feldmayer. Baumann is already under suspicion for breach of trust in connection with the AUD matter.
Meanwhile, back at Siemens HQ, its sweaty brows and clammy palms all around... What else can you expect when three out of four of your recent candidates for CEO are currently under investigation by highly motivated prosecutors. It tends to case a pall over the company picnic.
-- MDT
Labels: bribery, investigation, Johannes Feldmayer, Karl-Hermann Baumann, Siemens
Siemens Board Member Arrested
Johannes Feldmayer, Siemens executive board member, was detained on Tuesday in connection with a probe of bribery accusations concerning the German workers' association AUB (AUB's president has already been cooling his heels in stir for the last month). For more on how the Fledmayer arrest fits into the overal Siemens bribery scandal, check out this article from The Scotsman.
-- MDT
3/19/2007
-- MDT
Labels: AUB, bribery, Johannes Feldmayer, Siemens
Siemens Shockwaves.... German Companies Tighten Up
Via the FT's Alphaville...but if you want the full story, you'll have to subscribe.
Also, in case you missed it, as I did, two Siemens managers have admitted to making payments - not bribes, mind you (apparently there is a distinction in the original German).
Horst Vigener and Andreas Kley, the managers in question, have pointed out, in their defense, that German law did not at the time the payments took place, only prohibited the bribing of public officials. The Italian utility, whose executives received their payments, had been thoroughly privatized.
Umm...touche...
Still, the two men have been charged with Breach of Trust, which indicates the misuse of institutional funds, if not personal enrichment and the Siemens trial has followed their web of bribes around the world - from Italy to Dubai, Abu Dhabi and Monaco.
For further details on Vigener and Kley and the ongoing consequences for Siemens, check out this article from the IHT.
In semi-related news, senior VP and chief financial officer Eric Yu of former Siemens partner, BenQ has been detained by authorities regarding insider trading allegations. Yu and 13 other BenQ execs are thought to have been involved in the scheme. More on the BenQ angle, here.
--MDT
2/28/2007
Also, in case you missed it, as I did, two Siemens managers have admitted to making payments - not bribes, mind you (apparently there is a distinction in the original German).
Horst Vigener and Andreas Kley, the managers in question, have pointed out, in their defense, that German law did not at the time the payments took place, only prohibited the bribing of public officials. The Italian utility, whose executives received their payments, had been thoroughly privatized.
Umm...touche...
Still, the two men have been charged with Breach of Trust, which indicates the misuse of institutional funds, if not personal enrichment and the Siemens trial has followed their web of bribes around the world - from Italy to Dubai, Abu Dhabi and Monaco.
For further details on Vigener and Kley and the ongoing consequences for Siemens, check out this article from the IHT.
In semi-related news, senior VP and chief financial officer Eric Yu of former Siemens partner, BenQ has been detained by authorities regarding insider trading allegations. Yu and 13 other BenQ execs are thought to have been involved in the scheme. More on the BenQ angle, here.
--MDT
Labels: Andreas Kley, BenQ, bribery, Horst Vigener, Siemens
UBS Employee Faces Charges for Selling Tips to Hedge Funds
The skinny....via BusinessWeek:
-- MDT
2/26/2007
...BusinessWeek has learned federal authorities are on the verge of busting a scheme in which at least one employee of UBS (UBS) was allegedly selling information about upcoming changes in analyst ratings on stocks to traders not affiliated with the Swiss investment firm.Read the rest.
Sources says federal prosecutors in New York and securities regulators in Washington will soon file charges against a number of individuals caught up in the investigation, which has been going on since last fall. Criminal and civil charges could be filed as soon as Tuesday.
Investigators have found that traders working for at least two unidentified hedge funds were paying a UBS employee in New York for the information about impending ratings changes on stocks. But other traders were also buyers...
-- MDT
Labels: bribery, hedge fund, homeland security, investigation, UBS
Dow Chemical Runs Afoul of OFAC, Facing Fine on Bribes
Dow Chemical has been fined by the SEC under the Foreign Corrupt Practices Act for offering bribes to officials of the Indian government in exchange for registering certain pesticides in Indian. Details at the Hindustan Times.
-- MDT
2/05/2007
-- MDT
Labels: bribery, Dow Chemical, FCPA, SEC
DOJ Probes Siemens
Joining the SEC on Siemen's crowded legal dance card is the U.S. Department of Justice. What the DOJ is looking for is unknown as is how deeply they're planning to probe. But it ain't good news, that's for sure.
-- MDT
1/30/2007
-- MDT
Labels: bribery, Department of Justice, SEC, Siemens
New Audit Shows Depth of Corruption at Siemens
How deep does the scandal go? Like, really deep would be the answer. A sample from the Spiegel article:
-- MDT
1/24/2007
....the company had to wire €418 million in fines to the European Commission last week because, according to EU authorities, Siemens was a ring leader in a cartel of companies selling power station equipment -- dividing up the market among themselves. Though Siemens is planning to fight the fine, it took a huge chunk out of the company's first quarter profits.More here.
-- MDT
Labels: audit, bribery, corruption, Siemens
Siemens Duo Deny Connection to Bribery Probe
Siemens Chief Financial Officer Joe Kaeser as well as executive board member Rudi Lamprecht are denying newspaper reports that they are connected with the ongoing bribery probe at the international conglomerate. Siemens itself has also released a statement indicating that neither Kaseser or Lamprecht have been contacted by prosecutors at this time.
Several other past and present high-ranking Siemen's execs have been implicated in the investigation, including, most notably Thomas Ganswindt and Heinz-Joachim Neubuerger .
Siemens shareholders will be meeting on Thursday in Munich. Look out for the fireworks.
-- MDT
1/16/2007
Several other past and present high-ranking Siemen's execs have been implicated in the investigation, including, most notably Thomas Ganswindt and Heinz-Joachim Neubuerger .
Siemens shareholders will be meeting on Thursday in Munich. Look out for the fireworks.
-- MDT
Labels: bribery, Heinz-Joachim Neubürger, Joe Kaeser, Rudi Lamprecht, Siemens, Thomas Ganswindt
KPMG and Siemens, A Match Made in Prison?
Francine McKenna's RE: THE AUDITORS traces the relationship between KPMG and Siemens in recent news coverage of the Siemens bribery scandal. Interesting reading and a quality blog to add to the Daily Caveat links list. Give it a look...
-- MDT
-- MDT
1 Comments.
Thanks for the link! I appreciate the extra readers.
Sincerely, fm at ReTheAuditors
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Sincerely, fm at ReTheAuditors
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Former Siemens CFO a Suspect in Bribery Investigation
Heinz-Joachim Neubürger left Siemens in April of '06 when it became clear he was being passed over for the chief executive spot that went to Klaus Kleinfeld. Neubürger went in voluntarialy for questioning by Munich authorities this Tuesday, at which time he was informed that he was a suspect.
The former CFO was apparently fingered by Michael Kutschenreuter, the former Siemens finance director of Siemen's telecom division. Kutschenreuter reportedly told Munich prosecutors that Neubürger was aware of some of the bribery shenenigans but did nothing to stop the illegal activities.
For more on Neubürger's fate, check out the FT at MSNBC.
-- MDT
1/03/2007
The former CFO was apparently fingered by Michael Kutschenreuter, the former Siemens finance director of Siemen's telecom division. Kutschenreuter reportedly told Munich prosecutors that Neubürger was aware of some of the bribery shenenigans but did nothing to stop the illegal activities.
For more on Neubürger's fate, check out the FT at MSNBC.
-- MDT
Labels: bribery, Heinz-Joachim Neubürger, Michael Kutschenreuter, Siemens
Siemens (Iraq) Bribery Probe Stirring
As if the firm needed more bad news, Siemens is apparently cooperating with the UN regarding bribes that may have been paid for contracts in Saddam Hussein's Iraq. The Daily Caveat had previously called attention (back in August '05) to the SEC's look at similar activities involving DaimerChrysler. Siemens and DaimlerChrysler are in good company, however. A 2005 UN report that identified some 63 German companies which paid bribes to Iraq under Hussein.
And no, smartypants, Halliburton is not a German company. Besides, that was Iran they were dealing with.
-- MDT
12/26/2006
And no, smartypants, Halliburton is not a German company. Besides, that was Iran they were dealing with.
-- MDT
Labels: bribery, DaimlerChrysler, Siemens, UN
Holiday Catch-Up - What'd I Miss?
Welcome back folks. The Daily Caveat will be in mid-week and then I'll jet off again to visit the Louisiana branch of our NJ/LA martital union. I hope the holiday weekend treated everyone well. Dog boarded, cats in tow, we made our way out towards the Eastern shore and up to NJ for the weekend.
We also hit NYC for a quick brunch with friends and visited the the usual spots, including Rockefeller Center. I have to say the tree was pretty mediocre this year - it looked down right droopy. Swampy, even. Kind of Christmas on the bayou - which of course makes me feel right at home.
Now...to business..what'd we miss (I'll keep updating this over the course of the day, as time allows):
-- MDT
12/22/2006
We also hit NYC for a quick brunch with friends and visited the the usual spots, including Rockefeller Center. I have to say the tree was pretty mediocre this year - it looked down right droopy. Swampy, even. Kind of Christmas on the bayou - which of course makes me feel right at home.
Now...to business..what'd we miss (I'll keep updating this over the course of the day, as time allows):
- Former FBI directory Louis Freeh is set to lend a hand at DaimlerChrysler, running their internal investigation into the recent bribery scandal. Siemans, DaimlerChrysler...what is it with the Germans this year?
- Accusations of faked documents arise in Apple options probe. (Say it ain't so, Steve).
- Nikko dumps execs implicated in falsified earnings report. Several asset managers have also cut ties to the firm.
- Biomet facing scrutiny on options backdating.
-- MDT
Labels: Apple, bribery, DaimlerChrysler, Louis Freeh, Louisiana, Nikko Biomet
Six Siemens Bribery Probe Suspects Released
Released, that is, after "providing evidence that supports the allegations against them."
The real questions is, who else they might have provided evidence against. For those keeping score, Thomas Ganswindt, the former head of Siemens telecommunications equipment unit was among those released. It is unclear whether any or all of the six will face charges and they remain under investigation.
More here.
-- MDT
12/20/2006
The real questions is, who else they might have provided evidence against. For those keeping score, Thomas Ganswindt, the former head of Siemens telecommunications equipment unit was among those released. It is unclear whether any or all of the six will face charges and they remain under investigation.
More here.
-- MDT
Labels: bribery, Siemens, Thomas Ganswindt
More on Thomas Ganswindt, the Former Siemens Board Member Arrested in the Ongoing Bribery Probe 12/17/2006
Siemens Aware Bribery Probe Brewing Since '04?
Looks like the trail in the Siemens bribery probe goes back quite a long way. According to recent filings with the SEC, (link goes to EDGAR - search Siemens, form 20-F, 12/11/06) the company was been aware for more than a year of frozen accounts and seized assets amongst the firm's former employees. The question becomes then, what was Siemens planning to do about all this up until the point that international law enforcement officers broke down the front door?
Read all about it, here.
-- MDT
12/14/2006
Read all about it, here.
-- MDT
Senior Ex-Siemens Official Held in Bribery Probe Has a Name
Thomas Ganswindt - the former head of Siemens telecom equipment division. Before his dependence on the insistent hospitality of European law enforcement, Ganswindt reported directly to Siemen's chief exec Klaus Kleinfeld and served on Siemen's central executive board. Ganswindt left Seimans back in September and had most recently served as CEO of Elster Group based out of Luxembourg. Further details on Ganswindt and the ongling Siemens bribery investigation can be found here.
-- MDT
-- MDT
Labels: bribery, Elster Group, Klaus Kleinfeld, Siemens, Thomas Ganswindt
Siemens Bribery Probe Expands
The hole is getting deeper and deeper on this one.
-- MDT
12/11/2006
-- MDT
Labels: bribery, embezzlement, investigation, Siemens
SEC Probe For Siemens
Siemens, the European manufacturing giant, is still reeling at the revelations of an internal embezzlement and bribery scandal. Policy raids, seized documents and employees behind bars have been the start of this story. Law enforcement and regulatory bodies across the EU are currently digging for the next chapter and it appears that an SEC inquiry may be a part of the story.
-- MDT
11/29/2006
-- MDT
Labels: bribery, corruption, investigation, SEC, Siemans
"A Swamp of Bribes" - Great Spiegel Article on Siemens Bribery Probe
This is the best article I've seen yet detailing the alleged goings on at Siemens, which resulted in various european law enforcement agencies raiding company offices, employee private homes and seizing all paperwork in sight. Highly, highly recommended...here's a taste:
-- MDT
11/26/2006
Allegedly, a group of managers conspired to channel off at least €200 million from the company's Communications division to a series of shell companies. The funds landed in secret accounts, which investigators suspect were used to bribe officials into awarding contracts to Siemens. Regardless of location -- Greece, Nigeria, Russia or Indonesia -- Siemens is accused of using the funds to win orders. And, the same methods were likely used at the company's other divisions.Great detail follows on Siemen's recent business history as well as the nature of its executive team and corporate structure, all of of which appear to have contributed to facilitate this kind of large-scale internal fraud. Keep reading at Spiegel Online.
In the end, is it possible that not 200, but perhaps 300 or even €500 million flowed through these secret channels? Is it possible that a team of creative employees skimmed off sums in the triple-digit millions of euros, without senior managers becoming aware of the situation, as they claim? And, why didn't company management and the supervisory board use all of their powers to clear up the matter, which they must have been aware of since 2003?
-- MDT
Labels: bribery
Siemens Creates Task Force in Response To Bribery Probe
Only a few days ago international authorities raided various Siemens offices as well as private homes in an effort to find the source of the alleged government bribes as well as the location of the hundreds of millions in Siemens funds, diverted to off-book accounts in order to fund the bribes. A whistleblower initially tipped of Swiss authorities and the ensuing raids saw six Siemens employees arrested and some 30,000 documents seized. Siemens has thus far denied corporate knowledge or complicity in the illegal acts. The firm has announced an internal task force that will be conducting an internal investigation, dovetailing with law enforcement efforts.
-- MDT
11/17/2006
-- MDT
Siemens in Black Account Bribery Probe, Law Enforcement Raids Company Offices
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
9/11/2006
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
U.S. Investigative Firm, Diligence, Settles Charges it Interfered in International Money Laundering Investigation
Diligence, LLC. has apparently settled charges that the firm interfered in a corruption probe conducted by the Bermudan government and KPMG FAS into the activities of the Bermuda-based IPOC International Growth Fund. (Read a little background).
KPMG brought their suit in DC District Court last year, alleging that Diligence had used bribery, deception, and computer hacking in order to get their hands of confidential information about an ongoing government inquiry into possible money laundering by the IPOC.
Another related civil action had also been filed against Diligence and law firm, Barbour Griffith & Rogers, which purportedly hired Diligence to do the snooping on behalf of LV Finance Group, a Russian firm that had been engaged in a long legal battle with IPOC.
According to that complaint, private investigators from Diligence posed as intelligence agents for the US and British governments (bit of a no-no, there) in order to convince KPMG FAS employees to turn over information regarding the ongoing IPOC money laundering investigation.
While the ongoing legal maneuvering had been held very close to the vest, according to KYCNews and the Bermuda Royal Gazette, it appears that Diligence has settled its way out of trouble for $1.7 million.
-- MDT
8/14/2006
KPMG brought their suit in DC District Court last year, alleging that Diligence had used bribery, deception, and computer hacking in order to get their hands of confidential information about an ongoing government inquiry into possible money laundering by the IPOC.
Another related civil action had also been filed against Diligence and law firm, Barbour Griffith & Rogers, which purportedly hired Diligence to do the snooping on behalf of LV Finance Group, a Russian firm that had been engaged in a long legal battle with IPOC.
According to that complaint, private investigators from Diligence posed as intelligence agents for the US and British governments (bit of a no-no, there) in order to convince KPMG FAS employees to turn over information regarding the ongoing IPOC money laundering investigation.
While the ongoing legal maneuvering had been held very close to the vest, according to KYCNews and the Bermuda Royal Gazette, it appears that Diligence has settled its way out of trouble for $1.7 million.
-- MDT
Labels: bribery, KPMG, money laundering
UK Serious Fraud Office Investigation Continues to Dog Halliburton SubSid on Nigerian Bribery Scandal
MoneyWeb paraphrases from the venerable Financial Times. The meat:
-- MDT
3/14/2006
At the heart of the case are allegations made to a French judge by a former executive of an international consortium known as TSKJ, which has for the past decade been building and expanding a giant natural gas liquefaction plant in southern Nigeria. The plant, one of Africa's biggest industrial projects and a natural gas supplier of global significance, is owned by the Nigerian government, Royal Dutch/Shell, Total of France and Eni of Italy.More here. And Hallibirton is not the only one in hot water over their Nigerian dealings. Chevron is facing a $500 million fine.
According to the Financial Times, the former French executive said the consortium, which includes MW Kellogg, a British company 55% owned by KBR, [ Halliburton subsidiary, Kellog Brown & Root - MDT] had set up a slush fund to channel pay-offs to help it win a series of building contracts since the mid-1990s.
According to documents from the French investigation, the payments in question relate to four separate contracts under which the consortium agreed to pay a total of just over $170m to an offshore company controlled by a London-based lawyer called Jeffrey Tesler. He has declined comment, although his lawyer has in the past denied the payments constituted bribes.
Investigators in the US, France and Nigeria have looked with particular interest at handwritten meeting minutes surrendered by Halliburton, in which consortium partners use highly suggestive language about how they plan to do business.
-- MDT
Labels: bribery
Former Atlanta Mayor Skates on Bribery and Racketeering Charges, Hooked on Tax Evasion
Win some, lose some I guess. Via the Washington Post:
-- MDT
3/10/2006
Ex-Atlanta Mayor Guilty of Tax EvasionRead more here.
Associated Press
March 11, 2006
Former mayor Bill Campbell was acquitted Friday of lining his pockets with payoffs while guiding Atlanta through a period of explosive growth that helped secure its place during the 1990s as a world-class city. The jury convicted him, however, on three counts of tax evasion.
Campbell, 52, could be sentenced to nine years in prison and $300,000 in fines, but legal experts have said it is doubtful he will get the maximum sentence. The judge did not immediately set a sentencing date...
-- MDT
Labels: bribery
KPMG Bermuda Sues Investigative Group
U.S. Investigative firm, Diligence, LLC., is being accused of bribery by accounting firm, KPMG. Apparently the bribery charge relates to the investigation of IPOC International Growth Fund. KPMG had been conducting its own investigation into IPOC, a Bermuda-based mutual fund who's founder was recently outed by the Wall Street Journal as a known fraudster.
KPMG is alleging that Diligence offered bribes to KPMG employees in exchange for damaging information on IPOC. Their suit asks for $11 million in combined damages. Diligence denies any wrongdoing and characterizes the information exchange as a whistleblower who spoke out without any financial inducement.
Read more here, via the Royal Gazette. And by all means check out the indispensible KYCNews.com, which initially broke the story.
-- MDT
3/07/2006
KPMG is alleging that Diligence offered bribes to KPMG employees in exchange for damaging information on IPOC. Their suit asks for $11 million in combined damages. Diligence denies any wrongdoing and characterizes the information exchange as a whistleblower who spoke out without any financial inducement.
Read more here, via the Royal Gazette. And by all means check out the indispensible KYCNews.com, which initially broke the story.
-- MDT
Higher Profile for Corporate Sleuths
While I take some minor exception to the implication that corporate P.I.s spend the majority of their time rifling through dustbins, the essential truth is the same - our industry is growing, our client base is expanding and our public profile, for good or ill, is inching ever higher. And dustbins... they CAN be useful:
-- MDT
12/05/2005
Sleuths step out of the dustbins and into the limelightCheck out the full article here.
By Liz Chong
The Times
March 04, 2006
Companies may not admit using them, but private investigators have gained acceptance. Their clients include governments, leading investment banks, hedge funds, private equity houses and FTSE 100 companies, but few would admit that they have ever hired corporate detectives, let alone met any. It would be too embarrassing to reveal that a company had enlisted the help of a private investigator to dig up the dirt on an opponent or client, or disclose that they had been duped by an employee or partner...
...business investigation and intelligence is on the rise, driven by an array of legislation introduced by the US Congress in an attempt to clean up corporate America. The laws impose heavy duties on directors, accountants and lawyers. Directors, perhaps not surprisingly now that they are personally liable for any financial scandals, want to avoid falling foul of prosecutors, who have zealously pursued white-collar crime in recent years, with the open backing of the Bush Administration.
...The plethora of bribery and corruption legislation has made it common practice for investors to hire investigators to look at the hedge funds they may invest in, or for private banks to hire companies that examine the background of a new client from Eastern Europe...
...Increasingly aggressive business tactics make it standard practice for private equity houses to use investigators to examine the curriculum vitae of the chief executive of a potential target. Similarly, investment banks advising well-known businessmen on mergers and acquisitions have been known to conduct due diligence on their past by hiring corporate sleuths. Lawyers are also a steady stream of revenue for the industry...
...The willingness to hire private investigators can be partly attributed to the success of the industry in shedding its threatening image. The credit for this lies with Jules Kroll, the enigmatic grandfather of the industry, who spent much of the 1980s absorbed in high-profile takeover investigations for Wall Street. Mr Kroll’s success was cemented in 1992 when he was featured in The New York Times as Wall Street’s “gumshoe”...
...The industry is characterised by a handful of larger companies, with some smaller boutiques. These include GPW, headed by Patrick Grayson, a former Irish Guards officer who previously ran Kroll’s London office. Another recent breakaway is the good governance group, known as G3. The marketplace has even attracted interest from the Big Four accounting companies, which have set up specialist units within their forensic sections. Yet they are all dependent on the web of contacts accumulated through networking.
...The companies all say that they have strict ethics policies, which require them to observe the laws of the country they are working in. But it is not uncommon for investigators to distance themselves from surveillance work or bugging by hiring smaller agencies.
-- MDT
Labels: background checks, bribery, Kroll
Scrushy Charges Dropped....But Civil Case Date Set
You win some, you lose some. So far former Health South SEC, Richard Scrushy has done ok for himself. As a prime target in one of the most priminent corporate scandal prosecutions of the last few years, Scrushy managed to skate, despite sworn testimony from no less than five former officers who described Scrushy's involvement in fraudulent activites. Scrushy was found not guilty of criminal charges back in June and just last week had two fraud counts dismissed by the U.S. district court overseeing his case.
Still to contend with, however, are four other securities fraud counts and separate bribery charges. Add to that a civil suit, which had received an April 2007 . Other questions still unaccounted for but less likely to end up on the docket include how Health South company dollars went into the founding and funding of this pro-wrestling group. It would be funny if it wasn't true. The civil suit is gunning for Scrushy's $75 million personal fortune and along with the other charges still pending against him, should keep Scrushy's dance card quite full for the forseeable future.
-- MDT
10/28/2005
Still to contend with, however, are four other securities fraud counts and separate bribery charges. Add to that a civil suit, which had received an April 2007 . Other questions still unaccounted for but less likely to end up on the docket include how Health South company dollars went into the founding and funding of this pro-wrestling group. It would be funny if it wasn't true. The civil suit is gunning for Scrushy's $75 million personal fortune and along with the other charges still pending against him, should keep Scrushy's dance card quite full for the forseeable future.
-- MDT
Labels: 2006, bribery, Health South
Volcker Probe Names Names in UN Oil for Food Scandal
Via ChristianScienceMonitor.com:
10/03/2005
UN team names firms in oil-for-food scandal
By Peter Grier
Christian Science Monitor
WASHINGTON – In scale, the skimming operation probably ranks as one of the greatest financial crimes of all time. Iraqi insiders knew it as the "Saddam Bribery System" - kickbacks and surcharges on the United Nations' oil-for-food program that netted Saddam Hussein $1.8 billion in the final years of his regime...
..."It was well known by everyone, including the US government, that the system as constructed invited kickbacks," says James Dobbins, director of the International Security and Defense Policy Center at the RAND Corp.
On Thursday, the Volcker probe revealed that almost half of the 4,500 companies that participated in the program paid Hussein under-the-table cash, according to the report. The money involved amounted to a $1.8 billion tax on the $64 billion program, which ran from 1996 to 2003.The accused represent virtually every nation that took part. Companies and individuals from 66 countries sent illegal kickbacks to Hussein's government, according to the Volcker inquiry. Those who simply paid an illegally high price for their oil to begin with came from 40 countries.
Among the firms named by the report are Volvo Construction Equipment, which allegedly paid $317,000 in extra fees to the Iraqi government on a $6.4 million contract. DaimlerChrysler tacked an extra $7,000 onto a $70,000 contract, according to the Volcker inquiry...
Further details and shaming to be found at the Monitor.
-- MDT
Labels: bribery, DaimlerChrysler
Running Afoul of OFAC is Increasingly Bad Business
Via Reuters:
-- MDT
8/23/2005
Crackdown on foreign bribery grows in USThe original article appears here.
September 21, 2005
By Kevin Drawbaugh
Reuters
Foreign bribery cases are gaining prominence on the U.S. regulatory docket due partly to a surge in corporate acquisitions and the dirty dealings they expose, lawyers and officials said on Wednesday. Amid growing concern with bribery overseas and a U.S. crackdown, corporate acquirers are voluntarily bringing more potential violations of America's Foreign Corrupt Practices Act, or FCPA, to the notice of authorities.
"We certainly have seen an increase in the number of companies coming forward to discuss issues with respect to the FCPA," said Paul Berger, associate director of the U.S. Securities and Exchange Commission's enforcement division. Berger said at the SEC "there are a fair number of investigations under way" dealing with FCPA. Any increase in FCPA cases means progress in a global war on official corruption. But there is still a long way to go in leveling the playing field for companies that prohibit using bribes to gain competitive advantage, lawyers said.
"It's often said that there are countries where bribery is a way of life, and that's still the case," said Laurence Urgenson, partner at the law firm of Kirkland & Ellis. Official corruption is a major problem for reconstruction efforts in places such as war-torn Iraq and post-tsunami Indonesia. Money and resources needed to help people in distressed areas are often wasted on official bribes.
Transparency International, a British anti-bribery group, recently said corruption was rampant in 60 countries, noting the worst are often the poorest, such as Bangladesh and Haiti. The United States adopted the FCPA in 1977 after hundreds of companies admitted paying bribes in the mid-1970s. The law bans U.S. citizens from bribing foreign officials for the purpose of keeping or obtaining business opportunities.
Only about 100 FCPA cases have been brought, but the tally is rising fast, due partly to recent international agreements to combat bribery and partly to renewed M&A activity, lawyers said. If the current M&A spurt continues, deal volumes in 2005 will come near levels not seen since the 1990s boom years, Wall Street investment bank J.P. Morgan Chase said last week.
Corporate buyers are increasingly keen to wash acquisitions clean before closing on deals to avoid future liability, lawyers said. As a result, some are bringing FCPA problems to the SEC and the Justice Department. Both have new powers and a new vigor for tackling white-collar crooks.
One recent high-profile case was Titan Corp., a U.S. defense communications and intelligence group that pleaded guilty earlier this year to making illegal payments to government officials in the West African nation of Benin. The payments came to light when defense contractor Lockheed Martin Corp. was reviewing Titan's books as part of a planned acquisition of the company. The deal later fell apart. Titan was acquired this summer by L-3 Communications, but not before agreeing to a record-setting $28.5 million settlement with the SEC and Justice Department.
Another recent case arising from an M&A context involved bomb detection gear maker InVision Technologies Inc.. It agreed to fines in a case in which the Justice Department decided not to prosecute under FCPA, clearing the way for General Electric Co. to acquire InVision.
Automaker DaimlerChrysler AG has said it is being investigated by the SEC over possible FCPA issues, as have several energy companies linked to scandals at Riggs Banks and in the United Nations' Oil for Food program in Iraq.
-- MDT
Labels: bribery, DaimlerChrysler, Department of Justice
Haliburton Miasma Sucks Down Another Business
Via KGBT News:
-- MDT
Chicago Bridge gets SEC subpoena over Halliburton probeThe original article appears here.
August 23, 2005
KGBT News
Chicago Bridge and Iron has been subpoenaed in a Securities and Exchange Commission investigation of a Halliburton construction project. The Dutch-based engineering and construction company was a subcontractor of Houston-based Halliburton on the Nigerian project. Chicago Bridge and Iron said in its Friday SEC filing that it's cooperating with the request, but it didn't provide further details about the subpoena.
Halliburton's foreign operations have been the focus of investigations by various regulatory agencies. The Justice Department and the SEC have been investigating alleged bribery of Nigerian officials relating to the construction of a natural-gas liquefaction plant at Bonny Island.
Halliburton said it was under formal SEC investigation in June 2004.
-- MDT
Labels: bribery, Department of Justice
