Siemens

MUNICH, Dec. 9, 2007 (Thomson Financial delivered by Newstex) — Siemens (NYSE:SI) AG’s chief executive Peter Loescher, management board member Peter Solmssen and supervisory board chairman Gerhard Cromme will meet the US Securities and Exchange Commission on Dec 17, Sueddeutsche Zeitung reported, citing company sources.

The group aims to convince the market watchdog of the fresh start at Siemens, in order to lower potential fines that may result from US investigations into slush funds, the paper said in an article to be published tomorrow. In the spring, the SEC began a formal investigation into Siemens, while the US Department of Justice is also conducting an investigation of possible criminal violations related to company slush funds.

At its annual press conference in November, the company said it found additional questionable payments of 857 mln eur from 2000 to 2006 which did not originate at its former COM unit, meaning it is now investigating suspicious transactions worth between 1.3 and 1.4 bln eur. In addition, the company said it will from now on announce ‘annually’ the number of individuals that have been dismissed during the year for compliance violations. cs1/vs Copyright Thomson Financial News Limited 2007.

All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.