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Last Updated: Monday, 12 February 2007, 10:36 GMT
Siemens boss rules out resigning
Siemens boss Klaus Kleinfeld
Mr Kleinfeld has faced a lot of criticism in recent months
Siemens chief executive Klaus Kleinfeld has ruled out resigning over a corruption probe at the German company.

Mr Kleinfeld told Germany's Bild newspaper that he did not "even for a second" consider quitting his job.

His comments come as German police investigate allegations that Siemens had a 200m euros ($260m; 103m) slush fund to help win overseas contracts.

Mr Kleinfeld denied any knowledge of the alleged corruption, which is also being investigated by the firm.

"We do not tolerate illegal business practices and that is not negotiable," he said.

The alleged slush fund operated in 2003, when Mr Kleinfeld was boss of Siemens' US unit.

Mobile phone sale

The ongoing police investigation into the accusations of bribery at Siemens is just the latest scandal to hit the industrial giant.

Last month it received the European Commission's single largest fine of 396m euros for cartel activity.

Siemens was one of 11 firms fined for carving up the European market in electrical generation equipment, through rigging bids for contracts and equipment.

The German firm has also been attacked for selling its former mobile phone unit.

This was sold to Taiwan's BenQ in 2005, only to go into insolvency last year.

Critics say Siemens would have been aware of the difficulties at its mobile phone arm, and should have sorted them out itself rather than wipe its hands of the operation.

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15 Nov 06 |  Business
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02 Jan 07 |  Business

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