Page last updated at 11:51 GMT, Wednesday, 2 December 2009

Siemens directors to pay damages

Siemens headquarters in Munich
The bribery scandal at Siemens has cost the firm at least $1.6bn

Six former directors at Germany's Siemens have agreed to pay damages related to a bribery scandal that hit the firm in 2006.

They include two former chief executives - Heinrich von Pierer and Klaus Kleinfeld, now head of Alcoa.

Mr von Pierer will pay Siemens 5m euros ($7.5m; £4.5m) while Mr Kleinfeld will pay 2m euros.

They were accused of ignoring the fact that the firm had paid huge bribes in order to win foreign contracts.

An internal investigation revealed that the company had paid kickbacks in a number of countries, including Iraq, Venezuela, Israel and Russia. Siemens has already paid hefty fines in the US and Germany because of the scandal.

There are still two former directors who have failed to reach an agreement with the firm. Reports suggest they face prosecution before the company's annual meeting in January.



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