Court orders Siemens to pay $284m over payments

Siemens

said that a German court fined the company 201 million euros ($284 million), bringing to an end one of several investigations into allegations that employees made illegal payments in a bid to secure more contracts, according to an Associated Press report.

The Associated Press report also said the Munich District Court issued the ruling, which the industrial conglomerate said it would not appeal.

'Siemens stands by its responsibility. We do not accept any kind of illegal behavior and punish offenses with clear consequences,' CEO Peter Loescher, quoted by the Associated Press report said.

The report also quoted court spokeswoman Margarete Noetzel as saying that Munich prosecutors had filed charges against a longtime Siemens manager in connection with the ongoing scandal. The charges are the first to be brought against a manager for the company.

The case is not expect to be brought to trial until some time in 2008, Noetzel said.

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