The supervisory board of the German electronics and engineering group decided on Tuesday, July 29, that claims should be brought against 11 former members of the main executive board who left as the scandal was exposed.
They include two former chief executives, Heinrich von Pierer and Klaus Siemens to Slash 16,750 Jobs Worldwide ...
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The company accuses them of lapses from their duty to keep the company organization well-run in the period 2003 to 2006.
The group said the directors had "failed in their oversight duties and management between 2003 and 2006" and had caused Siemens to suffer "financial damage."
The supervisory board said it would give the former managers the chance to address the charges before officially taking legal action. The board also said it would cut all ties, including consultant contracts, business cars and office space, to the accused.
The decision to sue is a first in the normally cozy world of big German corporations where past management errors are usually ignored.
An internal inquiry has exposed 1.3 billion euros ($1.57 billion) in payments by Siemens for apparently fictitious services by "consultants." In reality the money was used to buy influence, investigators believe.
(Deutsche Welle)
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