Siemens to pay for its bribes

Europe's largest engineering company Siemens said it agreed to pay total fines and penalties of about 1 billion euros in Germany and the US for its official bribing of several countries including China.

According to a statement with the US Securities and Exchange Commission: "Between March 2001 and September 2007 Siemens made a widespread and systematic practice of paying bribes to government officials in several countries to obtain business."

"A total of $1.4 billion were used to bribe governmental officials in return for business to Siemens around the world, including metro trains and signaling devices in China, high voltage transmission lines and medical devices in the country," said the statement.