Siemens bids to avoid US action

Siemens hopes this week's guilty verdict in its massive kickbacks scandal will put proceedings against it in the US on hold.

The €1.3 billion (£1.02 billion) bribes-for-business slush fund is still under the microscope of the US Securities and Exchange Commission because Siemens' shares are listed in America.

Action there could make litigation in Europe seem a bargain. After the verdict on Monday against former manager Reinhard Siekaczek for his role in operating a slush-fund to bribe for overseas trade - he received a heavy fine and a two-year suspended jail sentence - company chiefs admitted they are concerned about America.

Insiders said company lawyers are in high-level talks with US authorities to try to confine litigation to Germany.

On Tuesday Siemens decided to sue two former chief executives and nine other former executives for setting up the bribe system to secure lucrative foreign contracts..