Although the settlement is yet to be ratified by the Greek parliament, a report in London’s Financial Times suggests that Siemens will cough up €170 million in compensation, with an additional €100m investment to make sure its Greek subsidiary -- which employs 600 people – continues to operate.
Inflated prices
The settlement could pave the way for three new stations to be opened on the Athens metro system, which will make use of Siemens lighting equipment.
According to The Sydney Morning Herald, a Greek parliamentary committee determined that inflated contract prices cost the country more than €2 billion in the 1990s. It is alleged that some of this money made its way to local politicians and senior officials who would then help to broker contracts.
Ministers investigated
Last year, 15 ministers and former ministers were investigated, with two admitting to taking money from Siemens. Three Greek Siemens officials wanted by authorities managed to flee the country.
But so far, the farrago has seen only former socialist minister Tassos Mantelis charged, and he has yet to be tried.
Inflated prices
The settlement could pave the way for three new stations to be opened on the Athens metro system, which will make use of Siemens lighting equipment.
According to The Sydney Morning Herald, a Greek parliamentary committee determined that inflated contract prices cost the country more than €2 billion in the 1990s. It is alleged that some of this money made its way to local politicians and senior officials who would then help to broker contracts.
Ministers investigated
Last year, 15 ministers and former ministers were investigated, with two admitting to taking money from Siemens. Three Greek Siemens officials wanted by authorities managed to flee the country.
But so far, the farrago has seen only former socialist minister Tassos Mantelis charged, and he has yet to be tried.
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