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Siemens HQ raided by cops over alleged embezzlement

Cyrus Farivar
11.16.06
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Oh Siemens employees, have you been naughty this year? German prosecutors and law enforcement seem to think so, given that police searched company buildings and employees' residences as part of an investigation alleging that workers embezzled somewhere around €20 million ($25.6 million), and that there was possible fraud, bribery and/or corruption within the company. More than 200 officers, prosecutors and tax inspectors checked nearly 30 business locations in Munich and other sites around the country. To be fair, Andreas Schwab, a company spokesperson, acknowledged that although "certain Siemens employees have engaged in fraud," the company was "cooperating fully" with the investigation. If authorities ever do manage to recover the money, they may have to just accept that the first million was already spent on lifetime supplies of Krombacher and bierwurst -- well, that's what we'd spend it on if we were in Germany, anyway.

[Via The Inquirer, image courtesy German Press Agency]

Read - Der Spiegel
Read - BBC
Read - The Associated Press
Read - Bloomberg

In this article: embezzlement, germany, police, raid, siemens
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