---

In April 2001 it was reported that Siemens AG, the German electronics and electrical engineering group, has been implicated in money laundering and corruption amounting to Pts1.52bn (DM19m) through its Spanish agencies. The reports suggest that this is the conclusion of the Spanish judge investigating the case, Maria Teresa Chacon.

The accusations are linked to the winning by Siemens of an important contract for the construction of the Ave rapid rail link between Madrid and Seville. The DM19m in question is said to have been paid in the early nineties and to have taken the form of 160 D-Mark cheques drawn on Swiss banks. The party receiving these payments is not specified in the reports but is thought to be a certain Ramon A. who gave testimony during the hearings. Siemens has rejected the claims as unfounded.