Siemens fined after bribery probe

Siemens has been fined 210m euros ($248m; £145.5m) by a German court following an investigation over whether workers paid bribes to gain contracts.

Siemens also agreed to pay 179m euros to the tax authorities, after a failure to declare payments properly.

The decision comes amid a series of inquiries into whether the firm illegally gained telecom transactions.

The decisions conclude German investigations into “illegal conduct and tax violations”, said Siemens.

The company said it would not appeal against the decision, made by the Munich District Court.

Allegations of corruption and bribery have prompted the arrest of several current and former executives.

In May, Andreas Kley was given a two-year suspended sentence for bribery and breach of trust, while Horst Vigener was given nine months’ probation.

US law firm Debevoise & Plimpton has been conducting an independent enquiry into the firm that continues.

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