Ex-Siemens Executive Sharef Settles SEC’s Bribery Suit

A former manager of Siemens AG (SIE), Europe’s largest engineering company, agreed to pay $275,000 to settle a lawsuit brought by the U.S. Securities and Exchange Commission over a bribery scheme in Argentina.

Uriel Sharef and six other defendants allegedly paid bribes to Argentine government officials in connection with a contract for identity cards, the SEC said yesterday in a statement.

“Sharef met with payment intermediaries in the United States and agreed to pay $27 million in bribes to Argentine officials” and “enlisted subordinates to conceal the payments” by working around internal Siemens accounting controls, according to the statement.

Sharef consented to the judgment “without admitting or denying” the allegations and waived the right to appeal, according to an April 15 filing in federal court in Manhattan.

Siemens, based in Munich, pleaded guilty in 2008 to violating U.S. anti-corruption laws and agreed to pay $1.6 billion to settle bribery probes in the U.S. and Germany.

Heiko Lesch, Sharef’s German lawyer in Bonn, declined to comment on the settlement. Sharef’s U.S. lawyer, Richard Grime in Washington, didn’t immediately respond to a voice-mail message seeking comment on it.

Alexander Becker, a Siemens spokesman, declined to comment on the settlement.

The case is U.S. Securities and Exchange Commission v. Sharef, 11-cv-09073, U.S. District Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Phil Milford at pmilford@bloomberg.net.

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

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