CNNMoney.com
NEW YORK (CNNMoney.com) — Electronic equipment maker Siemens AG has agreed to pay $1.4 billion Monday to U.S. and German authorities after the company allegedly engaged in bribery, the SEC said in a news release.
According to the SEC, the Munich-based company will pay a $350 million fine to the commission to pay back the money it wrongfully obtained after bribing several institutions and providing kickbacks to get construction jobs. The company will also pay $450 million to the U.S. Department of Justice to settle criminal charges and $569 million to the Office of the Prosecutor General in Munich.
The SEC alleged that Siemens paid bribes and kickbacks to organizations around the world between 2001 and 2007. The SEC said the bribes were paid to obtain licenses to design and construct the metro transit lines in Venezuela, and build power plans in Israel and refineries in Mexico.
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