Ex-Siemens Executive’s Bribery Trial Can Continue, Court Rules
Stock Chart for Siemens AG (SIE)
The trial of former Siemens AG (SIE) executive Uriel Sharef over whether he paid $8.4 million in bribes continued after a Munich court delayed a ruling on whether to drop the case.
Sharef, 69, is accused of paying bribes to former Argentine officials who did deals with Siemens units in the 1990s in order to win contracts. The court hasn’t ruled on requests from Sharef’s lawyer to drop the case over claims prosecutors didn’t submit a “truthful” account of their investigation.
The evidence prosecutors gave to the court against Sharef remains “chaotic” and does not demonstrate that he was responsible for any illegal payments, his lawyer, Heiko Lesch, told the court today.
The Siemens corruption scandal that broke in 2006 triggered investigations in at least a dozen countries. Siemens agreed to pay $1.6 billion to settle probes in the U.S. and Germany in 2008.
The allegations in today’s case took place while Sharef was on Siemens’s management board. He agreed to pay $275,000 in April to settle a lawsuit by the U.S. Securities and Exchange Commission over claims the company paid $27 million in bribes to win contracts for identity cards.
The court may rule on Lesch’s request on Friday, said Hans-Kurt Hertel, the tribunal’s spokesman.
To contact the reporter on this story: Alex Webb in Munich at email@example.com
To contact the editor responsible for this story: Simon Thiel at firstname.lastname@example.org