Siemens have reached a settlement with former CEO Heinrich von Pierer after a long battle over Pierer’s alleged bribery scandal. The €5 million (around £4.5 million) damages was lowered by €1 million (around £909,562) and will be paid by Pierer to avoid legal action. The CEO after Pierer, Klaus Kleinfeld, will also have to pay damages of €2 million (around £1.8 million).

Siemens had to face the largest scandal in the history of the company, with accusations of Siemens top employees paying bribes to win contracts from different countries officials. Both Kleinfeld and Pierer deny any wrong doing.