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 | Investigations Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Investigations Dataset

 
Investigation into Siemens AG's Activities in the U.N. Oil-for-Food Program · Siemens Aktiengesellschaft

Information & Summary

Investigation into Siemens AG's Activities in the U.N. Oil-for-Food Program

Related FCPA Matter:   Siemens' Involvement in Multiple Countries from 1996 to 2007 Information

Information & Summary

Investigation Name:    Investigation into Siemens AG's Activities in the U.N. Oil-for-Food Program

Trend:    United Nations Oil-for-Food Program

Type of investigation:    Internal, SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:   

  • French Law Enforcement Agency
  • German Law Enforcement Agency

Whistleblower:    Unknown

Summary

Siemens Aktiengesellschaft ("Siemens") is a German corporation with its executive offices in Munich, Germany. One of the world's largest manufacturers of industrial and consumer products, Siemens builds locomotives, traffic control systems and electrical power plants. Siemens operates in approximately 190 countries worldwide. Starting on March 12, 2001, Siemens' American Depositary Shares were registered with the SEC and traded on the New York Stock Exchange.

Siemens disclosed in its SEC filings that in a report issued October 27, 2005, the Independent Inquiry Committee into the United Nations Oil-for-Food Program alleged that subsidiaries of Siemens, namely, Siemens France, Siemens Turkey and Osram Middle East knowingly paid “kickbacks” to the former Iraqi regime. Siemens cooperated with the Committee's investigation.

Siemens investigated the allegations and could not confirm the Committee’s findings. Regarding Siemens France and Siemens Turkey, Siemens did not find that the companies paid money to the former Iraqi regime. Regarding Osram Middle East, Siemens did find that an external agent paid an aggregate sum of US$114,000 to Iraqi customers. These payments were made with Osram Middle East’s understanding that the purpose was to cover the cost of local services and warranties.

The SEC and the DOJ also began investigations into possible violations of U.S. law by Siemens in connection with the Oil-for-Food Program. Siemens cooperated with the agencies.

A French investigating magistrate commenced a preliminary investigation regarding the participation of French companies, including Siemens’ French subsidiary, Siemens France S.A.S.

The Oil-for-Food disclosures stopped with Siemens’ November 28, 2007 20-F filing. Many other investigations into Siemens’ activities were underway during this time period and it is possible that the Oil-for-Food investigation was resolved within the context of another investigation.

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