The Munich District Court has imposed a fine of €201 million on Siemens AG, marking the end of the investigation of Siemens’ former Communications (Com) group in its bribery scandal. In addition, a final settlement has been reached with the German tax authorities. Total payments of approximately €450 million at the former Com Group have been determined to be non-deductible, resulting in a tax charge of €179 million. Of this amount, €168 million has already been recorded in the company’s consolidated financial statements for fiscal 2006 for questionable payments of approximately €420 million.
Siemens said it accepts the fine imposed by the court, and takes responsibility for past misconduct at the Com Group. The company has waived its right to appeal.
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