- Two former Siemens managers have been found guilty by a Munich court, for breach of trust and bribery for the roles they played in a corruption scandal, partly in Nigeria, that rocked the German engineering group.
The funds were used to bribe government officials and business contacts to win contracts in amongst others, Nigeria and Russia.
The court today found Michael Kutschenreuter, former financial head of Siemens' telecoms unit and Hans-Werner Hartmann, the former head of accounting in the same telecoms unit, guilty and handed them suspended sentences as well as hefty fines.
The court gave Mr Kutschenreuter, a two years suspended sentence and a fine of euro 160,000, while Mr Hartmann was handed a one and a half year suspended sentence and fined to pay euro 40,000 to charity.
Siemens is said to have discovered that about euro 1.3 billion was made between 2000 and 2006 from its coffers in scanty deals.
The case is said to have been one in a series that are yet to come, involving some over 300 employees of the company in a scandal that is said to cost the company around euro 2.5 billion in fines, investigations and back taxes.
In 2008, Siemens had agreed to pay US$ 1.3 billion to end corruption probes in the United States and Germany.
afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.
afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.
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