A Munich court found two former managers of Siemens AG, the engineering company, guilty of breach of trust and abetting bribery for their roles in a corruption scandal that resulted in the company agreeing to pay US$1.3 billion to end corruption investigations in the US and Germany.
Michael Kutschenreuter, former financial head and the most senior executive of Siemens’ telecom unit found guilty was placed on probation for two years and fined €160,000. A second defendant, the former head of accounting at the company’s telecoms unit, was placed on probation for 1.5 years and fined €40,000.
It was reported that this could be the last trial of its kind against Siemens executives as approximately 300 people still under investigation could receive summary punishments.
