FCPA Watch: Siemens Agrees to Pay Record-Breaking US$800 Million for FCPA Violations
16 December 2008
Mayer Brown Legal Update
16 December 2008 - Siemens AG, Europe's largest engineering company, pleaded guilty on Monday, December 15, 2008, to violating the internal controls and books and records provisions of the Foreign Corrupt Practices Act (FCPA). Siemens agreed to pay $450 million in criminal penalties, disgorge $350 million in tainted profits, and submit to a monitor for a period of four years to ensure FCPA compliance going forward. In resolving the matter, government officials applauded Siemens for its extraordinary efforts in cooperating with the investigation. Companies whose business affairs bring them within reach of the FCPA can take valuable lessons from this case.