Siemens to claim damages from former CEOs

Siemens to claim damages from former CEOs

German engineering group Siemens says it will sue 11 former directors for damages in connection with a corruption scandal. An internal inquiry exposed 1.3 billion euros in payments by Siemens for apparently fictitious services by "consultants". In reality the money was used as bribes according to investigatiors. The directors, who resigned when the scandal broke nearly two years ago, include two former chief executives. On Monday former Siemens executive, Reinhard Siekaczek, was convicted in the first trial of a company director involved in the scandal and was fined 108,000 euros and given a suspended sentence. Prosecutors in Munich are still investigating around 300 people in connection with the affair.