Heinz-Joachim NeubĂĽrger, former chief financial officer of Siemens, died by apparent suicide in Munich. He was 62.
His death came shortly after settling a lawsuit related to a 2006 bribery scandal, where he was accused of involvement in paying bribes to secure foreign contracts. While he maintained his innocence, he paid €2.5 million as part of the settlement. He had also settled criminal charges in 2011.
Siemens CEO Joe Kaeser praised NeubĂĽrger's contributions to the company. Friends expressed shock and noted NeubĂĽrger's frustration over the legal battle's impact on his career. The settlement was less than what Siemens owed him in pensions and other compensation.
In 2008, Siemens paid $1.3 billion in penalties for systematically bribing foreign officials to win contracts. This included $800 million to US authorities.
FRANKFURT — A former chief financial officer of Siemens died this week, apparently by suicide, only days after settling a long-running legal dispute stemming from a bribery scandal in 2006.
Heinz-Joachim NeubĂĽrger, 62, who worked at JPMorgan Chase before joining Siemens in 1989, was found dead on Wednesday under a railroad bridge in Munich, according to a person with knowledge of the case.
The Munich police confirmed that a person apparently jumped from the Grosshesseloher Bridge in the city, but in line with German privacy rules, would not disclose the person’s identity. Authorities are continuing to investigate the death, a police spokesman said.
“Mr. Neubürger was held in great esteem and high regard as a financial expert both in and outside the company,” Joe Kaeser, the Siemens chief executive, said in a statement to employees. “Siemens owes much to him and is extremely grateful for his services to our company.“
The death of Mr. NeubĂĽrger, who was chief financial officer of Siemens from 1997 to 2006, puzzled people who knew him because he had only recently settled a lawsuit filed against him by the company. The suit sought damages related to accusations that Mr. NeubĂĽrger was among top executives involved in paying bribes to win foreign contracts.
“I’m totally stunned,” said Friedrich von Nathusius, who met Mr. Neubürger when both were apprentices at a company in Hamburg in the 1970s and had stayed in touch. “He was a very responsible, very straight person who had finally succeeded after eight years to come to an agreement.”
Mr. von Nathusius said that Mr. Neubürger was deeply frustrated that his legal problems had made it difficult to find a job with the same status he had as chief financial officer at Siemens, one of Germany’s largest and most visible companies.
“For someone as straight and honest as he was, it was a very difficult burden,” Mr. von Nathusius said.
Mr. NeubĂĽrger, who was married and had two grown daughters from an earlier marriage, maintained his innocence and was the last of nine former executives to reach a settlement. It called for him to pay 2.5 million euros, or $2.85 million. That was less than Siemens owed him in pension payments and other compensation. Siemens shareholders approved the settlement at the annual meeting on Jan. 27.
Mr. Neubürger settled criminal charges against him in 2011, agreeing to pay €400,000 to charity.
In 2008, Siemens agreed to pay $1.3 billion in penalties after admitting it had systematically bribed foreign officials in countries including Nigeria and Norway to win orders. The fine included $800 million paid to United States authorities. Siemens has a major presence in the United States and was listed on the New York Stock Exchange at the time.
Skip the extension — just come straight here.
We’ve built a fast, permanent tool you can bookmark and use anytime.
Go To Paywall Unblock Tool