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CORRUPTION

Siemens close to deal with US over scandal charges

German industrial giant Siemens is close to reaching agreement with the US Securities and Exchange Commission (SEC) on a fine in connection with a corruption scandal, a press report said on Thursday.

Published: 11 December 2008 10:14 CET

Siemens close to deal with US over scandal charges

Photo: DPA

“We hope to reach an accord with the SEC before Christmas,” a source close to the Siemens supervisory board told the Süddeutsche Zeitung newspaper.

Board members were advised to be available for an extraordinary meeting and “if necessary, we will get together on December 23,” the source said. Otherwise a deal was expected by early 2009 at the latest.

Talks with German justice officials were also close to a conclusion, the newspaper added.

The affair has weighed heavily on Siemens, which makes everything from nuclear power stations to trains and light bulbs, and employs some 400,000 people worldwide.

The 161-year-old conglomerate has acknowledged that up to €1.3 billion ($1.7 billion) may have been used illegally to win foreign contracts.

Siemens found the practice was widespread across its numerous divisions. Prosecutors have investigated around 300 people in connection with the affair. It led to the resignation of a string of top executives, including chief executive Klaus Kleinfeld and his long-term predecessor and chairman of the board, Heinrich von Pierer.

Because it has listed shares on the New York Stock exchange since 2001, Siemens risked a heavy fine from the SEC.

The German group recently took provisions of €1 billion against potential fines in both Germany and the United States.

US reclassifies Switzerland: What does it mean for American travellers?

Not yet, but hopefully soon. Photo by Jan Rosolino / Unsplash

Switzerland in early June announced vaccinated travellers would be able to come on June 28th. Therefore, this story is now out of date. Please click here for more information.

Due to massive vaccination efforts around the world, the US Centers for Disease Control and Prevention (CDC) lowered travel warning levels for more than 110 countries and destinations, including Switzerland.

From the highest level four previously, which means all travel is discouraged, Switzerland was ‘promoted’ to Level 3, allowing travel for fully vaccinated individuals.

In total, 14 countries, including Switzerland’s neighbours France and Italy, have been reclassified to a lower level.

Does this mean American tourists can now come to Switzerland?

Even though the CDC has cleared travel for vaccinated US residents, it doesn’t mean they are now allowed to enter Switzerland.

For the time being, travel ban is still in place for most third countries, including the United States. The only exceptions are Swiss citizens or permanent residents returning to Switzerland.

READ MORE: When will Americans be allowed to travel to Switzerland again —and vice-versa?

There are some other exemptions as well, including people whose presence in Switzerland is absolutely necessary to maintain the functioning of the healthcare system or public security and order, death of a close family member in Switzerland, and to continue essential medical treatment that began in Switzerland or abroad.

Each of these conditions must be proven with official documentation.

For other ‘special necessity’ rules, see SEM’s page.

Basically, this means that tourists or other random travellers can’t come to Switzerland at the moment.

There are, however, some promising signs that this restriction may be lifted.

Swiss president Guy Parmelin is scheduled to meet with his US counterpart, Joe Biden, on June 15^th. Biden will be in Geneva for high-level talks with Russia’s president Vladimir Putin.

It is not known what Switzerland and the United States will discuss at the meeting, beyond matters of importance to both nations, but there is a possibility that the subject of easing travel restrictions on both sides will be raised.

Also, under France’s new traffic light travel system, fully-vaccinated travellers can now enter France from non-EU countries, including the US.

This does not apply to Switzerland yet, but as the two countries share a border and both are part of the Schengen zone, Swiss entry regulations for US tourists might be relaxed in the near future — though not at this time.

Does this mean US residents can ‘slip’ into Switzerland through France?

Borders between the two countries are pretty porous and checks random at best, but if you attempt to get into Switzerland this way, you’d be breaking the law.

The only US citizens who can come into Switzerland legally right now are those residing in the EU/EFTA states, or one of the third nations deemed safe by public health officials: Australia, New Zealand, Cyprus, Rwanda, South Korea, Singapore, and Thailand.

In other words, it’s not the nationality of a traveller that counts but their place of residence.

What about Swiss citizens going on vacation to the United States?

The US still has a ban in place for tourists from the EU, including Switzerland. It also has similar exceptions — that is, US citizens and permanent residents returning from abroad.

The US is forming expert groups to decide when to lift global travel restrictions that have been in place since March 2020.

However, this will probably take time and, despite mounting pressure from the travel industry and airlines, US-bound travel may not be on the horizon for this summer.

READ MORE: How to get Switzerland’s Covid-19 health pass

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