Siemens Brazil head parts association with the company

The Chief of Siemens in Brazil has resigned from the company after Europe’s largest engineering group by sales exposed a severe compliance violation bringing back memories of Germany’s biggest corporate corruption case.

The officials at Siemens said that an internal investigation brought a serious violation to light and violated Siemens guidelines at its Brazil subsidiary before 2007.

A spokesperson from Siemens said in a statement “The Company has separated from Adilson Antonio Primo, the previous head of its business activities in Brazil, with immediate effect. Siemens has a no-tolerance policy for compliance violations.”

According to two people familiar with the situation the present allegations stem from the original SEC investigation of Siemens, which the company settled in December 2008

The discovery in 2006 of a system of slush funds used to pay bribes to win contracts led to the departure of dozens of senior managers and cost Siemens in excess of €2bn in fines and advisory payments.

According to a person close to the company, an internal Siemens audit conducted by Debevoise & Plimpton has subsequently uncovered more evidence of financial irregularities at Siemens Brazil.

Working with state authorities, Siemens is alleged to have recently uncovered evidence implicating Mr Primo in misuse of Siemens funds

Article Viewed on Oye! Times @ www.oyetimes.com

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