Home Corruption Siemens to pay fine to settle charges of cartel formation

Siemens to pay fine to settle charges of cartel formation

717
0
SHARE

In its Internet site the newspaper Diario do Poder reported on Monday (Dec.4) that the Sao Paulo Public Prosecutor’s Office and the German company Siemens are finishing an agreement  – in the civil law sphere –  to settling charges of misconduct (participation in a cartel). This agreement would involve the payment of a fine of approximately R $ 1 billion (about US $ 306 million).

According to the same source, Siemens lawyers held meetings with prosecutors last week. The details are not yet fully settled but in addition to the payment of the fine the company had been requested  formally admit the practice of illicit conduct.