BUSINESS

Israel arrests 6 Israeli electric company executives suspected in Siemens bribery affair

12/30/2014 08:15 EST | Updated 03/01/2015 05:59 EST
JERUSALEM - Israel's securities regulator says authorities have arrested six current and former executives from Israel's electric company on suspicion of accepting $20 million in bribes from German engineering firm Siemens AG.

The Israel Securities Authority alleges Siemens and its Israeli subsidiary bribed the Israel Electric Corp. executives from 2000-2005 to win the Israeli company's tender for a power station turbine project. It says the bribes were part of a worldwide bribery scandal in which Siemens agreed to pay more than $1.3 million in fines.

Last year, a former Israeli electric company director was sentenced to six years imprisonment as part of the affair.

The Israel Electric Corp. said it would co-operate with the investigation.