A former executive at German engineering giant Siemens pleaded guilty on Thursday to conspiring to pay tens of millions of dollars in bribes to officials in Argentina, the US Justice Department announced.
The admission of guilt before a federal judge in New York marked a new high point in a decades-long legal saga in which American officials have pursued the company and its executives for a campaign of corruption that spanned the globe during the 1990s.
Siemens was a publicly traded company in the United States at the time.
Eberhard Reichert, 78, of Munich, Germany pleaded guilty to wire fraud and conspiracy to violate the Foreign Corrupt Practises Act, which criminalises bribing foreign government officials to win business.
In a landmark case, Siemens in 2008 settled with US and German officials. It pleaded guilty to paying bribes in more than 20 countries around the world and paid $1.6 billion in fines and the return of ill-gotten gains.
Reichert was one of nine individuals charged in 2011 by the US Justice Department and the Securities and Exchange Commission for their roles in the bribery scheme.