Siemens denies rumors of bribery in China business
23 August 2007
German conglomerate Siemens denied rumors that 50% of its business in China was suspected of bribery, Shanghai Securities News reported (in Chinese). According to an announcement by Siemens' press officer, investigation has been taken to its business in China and the company is cooperating with the inquisition actively. Reports of illegal behavior by Siemens China executives in //Wirtschafts Woshe//, a German business magazine, had drawn the attention of investigators. An audit report by the accounting firm KPMG suggested that nine companies and over US$8 million might be involved in the alleged scandal.
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