Most residents anxiously await payouts from insurance companies for their damaged cars
An industry source said on Friday that Siemens was expected to pay around $800 million to end a
Siemens in November set aside 1 billion euros ($1.35 billion) to prepare for a settlement and end a scandal that cost the jobs of former Chief Executive Klaus Kleinfeld and ex-CEO and former supervisory board Chairman Heinrich von Pierer.
Von Pierer and Kleinfeld, who resigned last year, have not been accused of crimes and both have denied any wrongdoing.
German daily Handelsblatt reported that the company is also close to reaching an agreement with German regulators to end an investigation into a related corruption affair, citing people familiar with the matter.
‘It looks like Siemens may have to pay around 600 million euros for settlement of the
‘Both fines are covered by provisions. Therefore, we do not expect a further major burden from outstanding lawsuits in
Analysts expect both the
A Siemens spokesman said on Friday the
Siemens shares rose as high as 49.50 euros and were up 2.1 percent at 48.36 euros by 1040 GMT, outperforming a 1.6 percent rise in the German blue-chip DAX index.
‘Siemens’ supervisory board will meet today and we expect it to endorse the payments (in the
Kitz said he expected German authorities to announce a fine before next week’s Christmas holidays next week, and the amount should already be covered by existing provisions.
Siemens has been grappling for more than a year with allegations it secured contracts around the world in exchange for bribes.
Siemens is in the process of claiming damages from 11 former top managers, including von Pierer and Kleinfeld.
Most residents anxiously await payouts from insurance companies for their damaged cars
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