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Groupon starts refund program
MUNICH, Germany, Nov. 8 (UPI) -- An internal investigation into the Siemens slush fund scandal indicates it is much broader than previously reported, the electronics giant said Thursday.
The inquiry uncovered questionable transactions totaling nearly three times the amount first mentioned, now totaling 1.3 billion euros, or $1.5 billion, Siemens said in a Munich statement.
Earlier reports put the figure at 449 million euros and limited the corruption to a former communications branch. The new sum is said to include other company divisions as well, Deutsche Welle reported.
Most of the money is reported to have disappeared into secret bank accounts for use as bribes in securing contracts outside Germany, the Munich-based conglomerate said.
Siemens has dismissed 140 employees and an additional 330 have received penalties of other kinds, Peter Loscher, the chief executive officer, said Thursday.
Despite the problem, company revenue grew by 9 percent and operating profits rose 166 percent in the last quarter of the 2006-2007 fiscal year.
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