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Saturday, February 1, 2014
Volume:
30
Issue:
2
Abstract:
On November 12, 2013, the Office of the Attorney General of Switzerland (OAG) announced it had closed the Siemens case concerning the telecommunications sector. Siemens has established and operated “slush funds” at Swiss banks. The OAG concluded investigations into former employees of Siemens and fiduciaries working in Switzerland were also concluded after the payment of reparations in the form of donations to charitable institutions or by the issuance of a summary penalty order. Simultaneously, the Swiss forfeited criminal assets valued at 60 million Swiss francs.[1]