SIEMENS TO PAY ISRAEL NIS 160M PENALTY FOR BRIBERY

SOURCE: GLOBES

German electronics giant has agreed to pay the Israeli government a NIS 160 million penalty for bribing senior Israel Electric Corporation (IEC) (TASE: ELEC.B22) executives to rig a tender for turbines more than ten years ago. Siemens will also appoint an external inspector for supervision over their activities in Israel.

Meanwhile, the Tel Aviv District Attorney has filed indictments for bribery and money laundering against 6 senior IEC executives for their role in the affair. They are: former senior deputy director general David Cohn, former senior deputy CEO Jacob Hain, former engineering and planning department deputy director Haim Bar-Ner, planning and development department deputy director David Elmakis, former engineering and planning department director Yona Sweater, and former planning department departmental head Zvi Eyal. They are suspected of taking bribes amounting to hundreds of thousands of dollars that were transferred to accounts in Swiss banks or smuggled abroad in cash in suitcases.

Advs. Israel Leshem, Nadav Weisman and Adi Fremder of Meitar Liquornik Geva Leshem Tal, which represents Siemens, said, “We are happy that the district attorney found it the right thing to do to reach a settlement with Siemens and refrain from filing a criminal suit against Siemens. This is a balanced settlement and appropriate for the circumstances of this affair.”

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