Siemens fined €201 over bribery

Siemens was last night fined €201 million by German authorities over a bribery scandal in its telecommunications unit.

It is the first of a series of rulings expected from regulators worldwide that could end up costing Europe's largest engineering group billions of euros.

The fine by the Munich district court marks the first step for the German conglomerate to pay for what senior directors have called a "systematic" approach to bribery in the past that has spawned investigations across several other divisions and from regulators including the US Securities and Exchange Commission. Siemens also agreed to pay tax authorities €179 million - largely covered by a €168 million charge it has already taken - to compensate for the €450 million in non-deductible payments it falsely booked. The payments mark the end of the German investigation into Siemens over bribery at the telecommunications unit as the groupwaived its right to appeal.