CFO
Menu
  • Accounting & Tax
  • Banking & Capital Markets
  • Growth Companies
  • Human Capital & Careers
  • Risk & Compliance
  • Strategy
  • Technology
  • Sign InSign Up
CFO
  • Conferences
  • Webcasts
  • Research
  • White Papers
  • Jobs
  • Training
  • Newsletters
  • Magazine
CFO
The Ongoing Evolution of FP&A
Global Survey Identifies 7 Key Insights
Square Root Costing: A Better Method
Square root costing is the only costing…
Does Diversity Pay Off?
CFOs Look to Quantify Inclusion Initiatives
  • Accounting & Tax
  • Banking & Capital Markets
  • Risk & Compliance
  • Human Capital & Careers
  • Growth Companies
  • Strategy
  • Technology
Strategy

Harder to Hide

The Siemens bribery scandal is spurring governments around the world to cooperate on prosecuting corporate crime.

Don Durfee
February 15, 2008 | CFO Asia
share
Tweet
Print

Email this article

The massive Siemens bribery scandal — involving alleged payments to
government officials around the world — continues
to ensnare company officials. The latest victim is the new
CFO of the company’s industry division, whose appointment was
revoked after company officials reviewed prosecution documents.

The Siemens case, which spans many jurisdictions, signals
a clear trend in enforcement, says Lesli Ligorner, a partner
with law firm Paul, Hastings in Shanghai: closer cooperation
among governments, which are more readily sharing information.
This makes it easier for them to prosecute corporate
crime, says Ligorner. “Over the last two years, I’ve seen a flood
of work in this area [as a result].”

Recommended Stories:
  • Siemens’s Joseph Kaeser
  • Former Siemens Finance Chief Convicted
  • View from Europe: Global Bribery

This is particularly evident in China, where officials are
providing more assistance to other governments in the interest
of combating that country’s own corruption problems.

The closer attention to bribery has netted several companies
recently. In October, Schnitzer Steel, a U.S. metals recycler,
received a criminal fine of US$7.5 million and other penalties
exceeding another US$7.5 million stemming from kickbacks
in China and Korea. Last September Paragon, a Netherlands-
based company, reached a deferred prosecution agreement
with prosecutors for bribes made in China, Kazakhstan,
Mexico, and Nigeria.

Then there’s Siemens, which was fined 201 million
euros in October. A U.S. investigation is underway, too. “If the
SEC investigation leads to enforcement, that case could break
all records,” says John Bray, a director with consulting firm
Control Risks.

Post navigation

← Court Tosses Conviction of Ex-Enron Unit’s CFO
Deals: Private Equity Speaks Up →

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement

Popular Articles

  1. 10 Habits of Highly Effective CFOs
  2. No Mystery How to Restrain Health Costs
  3. Zero-based Budgeting Is Surging
  4. Pay Ratio Disclosures Mislead Investors
  5. No More Tax Deductions for Bad Actions
Advertisement
 

Topics

  • Accounting & Tax
  • Banking & Capital Markets
  • Human Capital & Careers
  • Growth Companies
  • Risk & Compliance
  • Strategy
  • Technology

Media

  • Videos
  • Whitepapers
  • Research
  • Magazine

Events

  • Conferences
  • Argyle Events
  • Webcasts

Services

  • Reprints
  • Back Issues
  • Mobile
  • Widgets
  • RSS

About CFO

  • About CFO
  • Editorial Staff
  • Press
  • Advertise
  • Contact Us

Want the Magazine?

Relax and unplug with our award-winning coverage.

Subscribe Now
Follow Us