2008-07-30 23:53:27 - On Monday, July 28th 2008, former 57 year old Siemens AG manager Reinhard Siekaczek has been sentenced by the court in Munich, Germany to a two-year suspended prison sentence. In addition the former executive has to pay a $170,000 fine.

Reinhard Siekaczek was convicted Monday of misuse of funds, in the verdict stemming from a bribery scandal at the company, an engineering and electronics giant Siemens. Reinhard Siekaczek was accused to embezzled Siemens AG money in 49 counts in a total of more than $76 Million. According to various news organizations 300 other people are accused in the present investigations.

Reinhard Siekaczek was convicted for bribing foreign officials in order to win cushy contracts for telecommunications equipment for Siemens AG. The presiding judge told on Monday in court, that 'The allegations have been fully proved'. According to prosecutors they had requested a relatively lenient penalty because Reinhard Siekaczek had cooperated extensively with their investigation and because it was clear that he had followed standard practice at Siemens. A law firm hired by Siemens has reportedly identified over $ 2billion in 'suspicious payments' that may have been bribes to win business for Siemens AG. Though common in the United States, charges against former executives in Germany are relatively rare and Siekaczek said when he left the court, that: 'I'm glad this is all over now'. His lawyers and prosecutors both waived their right to appeal immediately after the verdict.