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U.S. v. Siemens, S.A. (Venezuela)

 
:
Siemens - Siemens, S.A. (Venezuela)
:
DOJ Criminal
:
December 12, 2008
:
U.S. v. Siemens, S.A. (Venezuela)
:
U.S. v. Siemens S.A. (Venezuela), No. 08-CR-370 (D.D.C. 2008)
:
Infrastructure-Rail Transportation
:
Venezuela
:
2001; 2002; 2003; 2004; 2005; 2006; 2007
:
Unspecified Venezuelan government officials
:
Siemens Venezuela paid almost $19 million in bribes to Venezuelan government officials in connection with mass transit systems in the Venezuelan cities of Valencia and Maracaibo. As with the FCPA violations by other Siemens entities, Siemens Venezuela admitted that it paid money to sham agents and business consultants, who had no substantive role on the projects, with the understanding that they would pass on some or all of the funds to relevant government officials. Siemens Venezuela's underlying FCPA violations involved falsification of the company's books, records, and accounts, as payments were labeled as involving nonexistent studies, sham supply contracts, and off-the-books or improperly recorded bank accounts, all of which Siemens Venezuela used to conceal corrupt payments to Venezuelan government officials.

On December 15, 2008, Siemens Venezuela pleaded guilty to conspiring to violate the FCPA's anti-bribery and books and records provisions. Siemens Venezuela agreed to pay a $500,000 criminal fine.
:
Conspiracy - Anti-Bribery, Conspiracy - Books & Records
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Fine, Plea
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Fine of $500,000 and a special assessment of $400.
:
500,400
:
0
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Issuer
:
Foreign
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Contract Procurement/Retention
:
340,000,000
:
Wire/check
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Sales Agent/Consultant, Subsidiary Company
:
18,782,965
:
Cyprus, United Arab Emirates, United States, Venezuela
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United States
:
No
:
Germany