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CHRONOLOGY: Twists in Siemens corruption scandal

Fri May 9, 2008 8:54am EDT
 
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FRANKFURT (Reuters) - Munich prosecutors investigating corruption at German engineering group Siemens said on Friday they had found no evidence that would warrant criminal charges against former Chief Executive Heinrich von Pierer.

He and other former company officials are being investigated, however, for the administrative offence of breaching their corporate supervision duties, the prosecutors said in a statement. For a story on the prosecutors statement click on

Following is a chronology of the development of corruption investigations involving Siemens.

2006

November 15 - Prosecutors say they have raided offices and homes of Siemens staff as part of an investigation into suspected embezzlement. Siemens says the probe concerns six individuals and a sum of money in the low double-digit millions of euros. November 20 - Prosecutors say they entered Chief Executive Klaus Kleinfeld's offices. He is considered a potential witness, not a suspect.

November 22 - Munich prosecutors say they are investigating the disappearance of about 200 million euros from Siemens' accounts.

November 23 - Siemens sets up an anti-corruption task force.

December 11 - Siemens cuts its reported 2005/06 net profit by 73 million euros in light of the affair and hires outsiders to examine its compliance systems and rules.   Continued...

 

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