Home / Business / Israel arrests 6 in Siemens bribe affair

Israel arrests 6 in Siemens bribe affair

Associated Press- Israel’s securities regulator said Tuesday that authorities have arrested six current and former executives from Israel’s electric company on suspicion of accepting $20 million in bribes from German engineering firm Siemens AG.

The Israel Securities Authority alleges Siemens and its Israeli subsidiary bribed the Israel Electric Corp. executives from 2000-2005 to win the Israeli company’s tender for a power station turbine project. It said the bribes were part of a worldwide bribery scandal in which Siemens agreed to pay more than $1.3 million in fines.

Siemens spokesman Wolfram Trost said that “as a matter of principle Siemens doesn’t comment on ongoing investigations or on speculation.”

Last year, a former Israeli electric company director was sentenced to six years imprisonment as part of the affair.

The Israel Electric Corp. said it would cooperate with the investigation.
Israeli_port

About The Levant

Check Also

Britain charges Barclays, ex-bosses over “unlawful” Qatari deal

Barclays (BARC.L) and four former top executives were charged with fraud on Tuesday over undisclosed …

Leave a Reply

Your email address will not be published. Required fields are marked *