Monday, November 24, 2008

Verdict in the Siemens / AUB trial

FTD-Online reported today that former Siemens board member Johannes Feldmayer was found guilty and received a 2 year suspended prison sentence. In the period from 2001 to 2006 Feldmayer had paid more than EUR 30.6m to his co-defendant Wilhelm Schelsky, who was the head of the AUB trade union. The transfers had been disuguised as payments for consulting contracts. Some of the transfers went through Feldmayers private bank accounts.

The court found that Feldmayer had misappropriated Siemens funds, illegaly influenced workers' council elections and committed tax fraud. Schelsky was sentenced to four for years in prison for abetting with embezzlement, fraud and tax evasion. The judges came to the conclusion that the trade union was just a stooge for the Siemens management.

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