Siemens Energy has agreed to pay $104 million to settle an investigation with U.S. authorities, it said, after it used stolen trade secrets to inflate bids for contracts five years ago. The proposed settlement with a U.

A US subsidiary of the German power engineering group Siemens Energy has agreed to pay $104 million to end investigations into cheating in a contract bid. The case goes back to 2019, when the American Siemens subsidiary was bidding for a turbine order from Dominion,

A US subsidiary of Siemens Energy AG agreed to pay $104 million to resolve a criminal investigation into misappropriating confidential information from competitors to win a bidding process.

Siemens Energy said on Wednesday it has extended the contract of CEO Christian Bruch for a further five years, the latest sign that the power equipment supplier has turned a corner following a major crisis at its wind turbine business.

Siemens Energy (OTCPK:SMEGF) said Monday it pleaded guilty and agreed to pay $104M to resolve a criminal investigation into stealing information to edge out competitors to win a bid to build a Virginia power plant for Dominion Energy.