Wednesday, January 26, 2011

Greece Targets Siemens Over Bribes Scandal

Wall Street Journal
January 25, 2011

Greece's State Minister for Investment, Haris Pamboukis, said Tuesday that the government would seek damages from German conglomerate Siemens AG after it was implicated in a wide-ranging bribes-for-contracts scandal.

Speaking on local radio, Mr. Pamboukis described the events surrounding Siemens as an "international scandal" and said that "the world has to learn the truth." Siemens rejected the allegations.

His remarks follow the release of a 2,000-page report by a special parliamentary probe which alleges that Siemens paid millions of euros in bribes to various Greek governments to secure government contracts in sectors ranging from telecommunications to transport, covering a period from the late 1990s up to 2009.

According to the report, which comes after a year long investigation, Greek taxpayers suffered damages on the order of €2 billion by paying too much for those contracts.


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