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Europe

Siemens Faces More Charges

8:45 AM -- The corruption scandal that has enveloped Siemens AG (NYSE: SI; Frankfurt: SIE) for the past 18 months shows no sign of going away any time soon.

In late 2006 news broke of a corruption probe involving staff from the German giant's telecom systems business. Since then, a stream of dodgy business practices has been uncovered involving multiple business units within the manufacturing and services conglomerate. (See Corruption Probe Targets Siemens Staff , Siemens Extends Probe, Nokia Slashes, Siemens Still Scandalized, and Siemens Exec Arrested.)

Now, according to a report from the International Herald Tribune, an Athens prosecutor has filed charges of bribery and money laundering against Siemens, related to deals between the vendor and Greek national carrier OTE S.A. and, separately, transactions involving the supply of security systems for the 2004 Olympic Games. Read the full story here.

Siemens, of course, isn't the only major German firm that's in the scandal spotlight -- Deutsche Telekom AG (NYSE: DT) has some issues to deal with, too. (See Spying Scandal Rocks Deutsche Telekom.)

— Ray Le Maistre, International News Editor, Light Reading

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