US: Embattled Siemens hires general counsel
Siemens, the German
engineering company being investigated for bribery allegations, named
Peter Solmssen to its management board and put the former general
counsel at General Electric in charge of compliance.
Solmssen will join the most senior management level at Siemens and
will become general counsel of the company on Oct. 1, Siemens said
Wednesday.
Siemens, based in Munich, also named Andreas Pohlmann, formerly a
compliance executive at the chemical company Celanese, as its chief
compliance officer. He succeeds Daniel Noa, who left the company July
1, less than a year after taking the job.
The appointments are an attempt by Siemens to tighten controls and
improve its image following a bribery investigation that began last
year. The inquiry spread to at least seven countries and led to the
resignation of the chief executive, Klaus Kleinfeld, and the head of
the supervisory board, Heinrich von Pierer.
The U.S. Department of Justice and the U.S. Securities and Exchange
Commission are investigating the bribery allegations. Similar
investigations are pending in Switzerland, Liechtenstein, Greece and
Italy. The two U.S. agencies are looking into possible violations of
American law in connection with the United Nation's Oil-for-Food
program in Iraq.
engineering company being investigated for bribery allegations, named
Peter Solmssen to its management board and put the former general
counsel at General Electric in charge of compliance.
Solmssen will join the most senior management level at Siemens and
will become general counsel of the company on Oct. 1, Siemens said
Wednesday.
Siemens, based in Munich, also named Andreas Pohlmann, formerly a
compliance executive at the chemical company Celanese, as its chief
compliance officer. He succeeds Daniel Noa, who left the company July
1, less than a year after taking the job.
The appointments are an attempt by Siemens to tighten controls and
improve its image following a bribery investigation that began last
year. The inquiry spread to at least seven countries and led to the
resignation of the chief executive, Klaus Kleinfeld, and the head of
the supervisory board, Heinrich von Pierer.
The investigations
into alleged bribes to win orders and influence unions started in
November, forcing Siemens to review more than 420 million euros, or
$586 million, of transactions.
into alleged bribes to win orders and influence unions started in
November, forcing Siemens to review more than 420 million euros, or
$586 million, of transactions.
The U.S. Department of Justice and the U.S. Securities and Exchange
Commission are investigating the bribery allegations. Similar
investigations are pending in Switzerland, Liechtenstein, Greece and
Italy. The two U.S. agencies are looking into possible violations of
American law in connection with the United Nation's Oil-for-Food
program in Iraq.
AMP Section Name:Corruption
- 106 Money & Politics