Debevoise and Deloitte to start their work at Siemens
Head of Audit Committee is fully supporting the investigations
Munich, Dec 22, 2006 - Debevoise & Plimpton LLP – the law firm retained by the Audit Committee of the Supervisory Board of Siemens AG in connection with current investigations by the Munich Department of Public Prosecution – has already begun their work. They will be assisted by forensic accountants from the international organization Deloitte Touche Tomahtsu. Both companies have committed large and experienced teams to this investigation.
Dr. Gerhard Cromme, Chairman of the Siemens Audit Committee, has met personally with leaders of the investigation team at Debevoise and Deloitte. He reiterated that the Audit Committee has mandated Debevoise as the independent counsel to conduct an independent and comprehensive investigation to determine whether anti-corruption regulations have been violated and to conduct an independent and comprehensive assessment of the compliance and control systems of Siemens. He further stated that the independent quality of this investigation is very important. Debevoise will report exclusively to the Audit Committee.
Dr. Cromme also underlined that the Company will cooperate with law enforcement authorities and regulators. Debevoise has already contacted the US Securities and Exchange Commission (SEC) and the US Department of Justice and will continue to do so on a regular basis throughout the investigation. The Munich counsel of Siemens has informed the Munich State prosecution on the investigation of Debevoise and Deloitte.
Siemens (Berlin and Munich) is a global powerhouse in electrical engineering and electronics. The company has around 475,000 employees working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of services for individual requirements. Siemens provides innovative technologies and comprehensive know-how to benefit customers in over 190 countries. Founded more than 155 years ago, the company focuses on the areas of Information and Communications, Automation and Control, Power, Transportation, Medical, and Lighting. In fiscal 2006 (ended September 30), Siemens had sales from continuing operations of €87.3 billion and net income of €3.033 billion. Further information is available on the Internet at: www.siemens.com.
Reference number: AXX2006 12.31 e
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- Konstanze Tauber
- Siemens AG
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