Siemens, Brazilian prosecutors eyeing 1 billion real settlement: Report

Published On: 04, Dec 2017 | Source:

German industrial group Siemens is negotiating a settlement worth more than 1 billion reais (USD 307 million) with Brazilian state prosecutors over civil cases relating to irregularities in metro tenders, according to a Monday newspaper report.

The Estado de S. Paulo reported that lawyers for Siemens and Sao Paulo state prosecutors met last week to discuss the deal, which it said is on the cusp of being sealed and would require the company to admit to illicit acts. The paper cited unnamed sources within the state prosecutors office.

Siemens declined to comment, while the prosecutor's office did not immediately respond to requests for comment.

The lawsuits were filed against Siemens after the company admitted to forming a cartel to bid on providing trains for the Sao Paulo metropolitan transit system in 2013 and call for payment of 1 billion reais, the paper said.

Since reaching a leniency agreement with antitrust watchdog CADE in 2013, Siemens has discussed terms of continued cooperation with prosecutors and promised to deliver more evidence against public officials, the paper said.

Prosecutors told the paper the evidence was not yet delivered by the company.