![]() Apart from being suspended for 18 months, Hartmann was also fined €40,000 according to Lawler (2012, p.92). Other officials found guilty of the scandal included Hans-Werner Hartmann, the manager in charge of accounting of the telecommunication department of the company (Lawler 2012, p.92). In this regard, “apart from being placed on probation for two years, he was also fined €160,000 for admitting to cover up the bribes and slush fund payments” (Fronz 2011, p.41). Twomey and Jennings (2010, p.16) reveal that the scandal led to the prosecution of Siemens’ chief executive Kutschenreuter after being found guilty of involvement in the corruption scandal. It was at the time that Siemens acknowledged that some of its employees were indeed involved in the alleged fraud. The forensic audit conducted on Siemens financial statements found that about €420M payment could not be accounted for, which investigation later revealed that the money had been paid to foreign purchasing officials in different countries such as the U.S., Italy, Greece, and Puete Rico (Phillips and Gully 2011, p.32). The raid led to the arrest of five Siemens workers, who were then taken to custody for involving in corruption. Immediately after the whistle had been blown on the scandal, a team of investigators was appointed which immediately raided Siemens’ offices in Germany and other countries in the world, such as the U.S., Italy Greece, and Switzerland in a bid to unearth the alleged corruption scandal (Neelankavil and Rai 2009, p.56). In another case, Siemens was alleged to have bribed the officials of the labor representatives of the supervisory board in a bid to win their support over the policies that Siemens intended to implement (Brooks and Dunn 2009, p.15). In the first incidence, Siemens was caught having bribed foreign officials in a bid to win contracts and create a slush fund (Ma 2012). ![]() However, the reputation that Siemens has built for several years was brought into question in 2006 after being caught engaged in a series of corruption scandals (Biegelman and Biegelman 2010, p.59). In addition, the company has over 430,000 employees. ![]() It is also one of Europe’s largest technology firms with a revenue base of over $77 billion according to Fernando, Purkayastha, and Bellamkonda (2010, p.2). The company was founded by Johann Georg Halske and Werner von Siemens on Octoand is headquartered in Munich, Germany.Siemens AG is a German company with a long history of success and a good reputation in the technology industry (Ma 2012). The Siemens Financial Services segment focuses on financing solutions for Siemens’ customers as well as other companies in the form of debt and equity investments. The Siemens Healthineers segment develops, manufactures, and sells diagnostic and therapeutic products, and services to healthcare providers. The Mobility segment combines all Siemens businesses in the area of passenger and freight transportation. The Smart Infrastructure segment includes products, systems, solutions, services and software to support a transition from fossil to renewable energy sources. ![]() The Digital Industries segment offers a product portfolio and system solutions for automation used in discrete and process industries. It operates through the following segments: Digital Industries, Smart Infrastructure, Mobility, Siemens Healthineers, and Siemens Financial Services. Siemens AG is a technology company, which engages in the areas of automation and digitalization in the process and manufacturing industries, infrastructure for buildings and energy systems, mobility solutions for rail transport, and medical technology and digital healthcare services. ![]()
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