Siemens exec arrest

A former senior executive of Europe’s largest engineering group Siemens has been arrested in connection with the company’s alleged fraud and bribery scandal.

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By  Published  December 23, 2006

(Munich) A former senior executive of Europe’s largest engineering group Siemens has been arrested in connection with the company’s alleged fraud and bribery scandal. Thomas Ganswindt, who left the management board in September, was being held in custody in Munich and questioned by police investigating the bribery allegations, according to a report in FT.com. Ganswindt held special responsibility for Siemens’ Information and Communications businesses. Workers have allegedly stolen funds from Siemens since 1999, according to company officials and German authorities. Siemens has recently, for the first time, put a price on the scale of the bribery and fraud, estimating that it could cost up to US$556million — which is significantly higher than previously estimated figures.

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