Odious Debts

Nigeria suspends Siemens dealings

December 12, 2007

The Nigerian government has cancelled a $1.1 million contract with Siemens pending an investigation into bribery allegations.

The German telecoms firm was fined $248 million in early October of this year, after being found guilty of bribing Nigerian officials by a Munich court. It is alleged that Siemens paid 10 million euros in bribes to Nigerian officials between 2001 and 2004. The named officials have denied involvement, however Siemens has accepted the court’s verdict and the company’s chairman and chief executive have both resigned over the scandal. Read source [PDFver here]

Categories: Odious Debts

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