German industrial company Siemens, accused of winning foreign contracts illegally, will pay $800 million to settle a corruption case in the United States. Under the settlement reached in U.S. District Court on Monday, Siemens will pay a $450 million fine and agreed to a $350 million settlement with the U.S. Securities and Exchange Commission (SEC), court documents showed. The 161-year-old German conglomerate has acknowledged that up to $1.7 billion may have been used illegally to win foreign contracts. The company found the practice was widespread across several of its divisions. Prosecutors have investigated about 300 people in connection with the case.
