▁payment ▁included ▁$ 4 5 0 ▁million ▁in ▁fin es ▁and ▁pen alt ies ▁and ▁a ▁for fe iture ▁of ▁$ 3 5 0 ▁million ▁in ▁prof its . ▁ ▁The ▁company ▁was ▁also ▁oblig ated ▁to ▁spend ▁$ 1 ▁billion ▁on ▁setting ▁up ▁and ▁fund ing ▁new ▁internal ▁comp liance ▁reg im ens . ▁ ▁S iem ens ▁ple aded ▁guilty ▁to ▁viol ating ▁account ing ▁prov isions ▁of ▁the ▁Foreign ▁Cor rupt ▁Pract ices ▁Act ; ▁the ▁parent ▁company ▁did ▁not ▁ple ad ▁guilty ▁to ▁pay ing ▁b rib es ▁( although ▁its ▁Bang l adesh ▁and ▁Venezuela ▁subs idi aries ▁did ); ▁such ▁a ▁guilty ▁ple a ▁would ▁have ▁bar red ▁S iem ens ▁from ▁contract ing ▁for ▁the ▁US ▁government . ▁ ▁As ▁the ▁sc andal ▁had ▁started ▁breaking , ▁S iem ens ▁had ▁fired ▁its ▁chairman ▁and ▁CE O ▁Heinrich ▁von ▁Pier er , ▁and ▁had ▁h ired ▁its ▁first ▁non - G erman ▁CE O . ▁Peter ▁Lö scher ; ▁it ▁also ▁had ▁appointed ▁a ▁US ▁lawyer , ▁Peter ▁Sol m ss en ▁as ▁an ▁independent ▁director ▁to ▁its ▁board , ▁in ▁charge ▁of ▁comp liance , ▁and ▁had ▁accepted ▁o vers ight ▁of ▁The o ▁Wa ig el , ▁a ▁former ▁German ▁fin ance ▁minister , ▁as ▁a ▁" comp liance ▁monitor ". ▁ ▁The ▁comp liance ▁over ha ul ▁eventually ▁ent a iled ▁h iring ▁around ▁ 5 0 0 ▁full - time ▁comp liance ▁personnel ▁world wide . ▁S iem ens ▁also ▁en act