Siemens confident about SEC probe outcome

An investigation by the US' Securities and Exchange Commission (SEC) into alleged corruption at Siemens will take time, but the company is confident about the outcome, Siemens' compliance chief said. A Reuters report quoted Peter Solmssen saying, 'It can take a long time yet,' in a German newspaper article.

The SEC and Siemens itself are investigating whether employees of Siemens, one of the world's largest electrical and industrial engineering companies, paid hundreds of millions of euro in bribes for telecoms and other contracts.

Solmssen said his feeling was that the US' Securities Exchange Commission market watchdog was responding well to the actions Siemens was taking. He said, 'We have a very good story, we have done an awful lot right. We are not getting precise feedback, but the atmosphere is good.'

Solmssen added that Siemens would exercise its legal rights and could sue individuals. It would pursue any claims for damages. 'We will protect the interests of Siemens regardless of the individual,' Solmssen said.