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Siemens boss rules out resigning

Siemens CEO Klaus Kleinfeld has ruled out resigning over a corruption probe at the German company.

Kleinfeld told Germany's Bild newspaper that he did not „even for a second” consider quitting his job. His comments come as German police investigate allegations that Siemens had a €200 million ($260 million; £103 million) slush fund to help win overseas contracts. Kleinfeld denied any knowledge of the alleged corruption, which is also being investigated by the firm. „We do not tolerate illegal business practices and that is not negotiable,” he said. The alleged slush fund operated in 2003, when Kleinfeld was boss of Siemens' US unit. The ongoing police investigation into the accusations of bribery at Siemens is just the latest scandal to hit the industrial giant. Last month it received the European Commission's single largest fine of €396 million for cartel activity. Siemens was one of 11 firms fined for carving up the European market in electrical generation equipment, through rigging bids for contracts and equipment. The German firm has also been attacked for selling its former mobile phone unit. This was sold to Taiwan's BenQ in 2005, only to go into insolvency last year. Critics say Siemens would have been aware of the difficulties at its mobile phone arm, and should have sorted them out itself rather than wipe its hands of the operation. (BBC NEWS)