On 1 October Siemens Energy agreed to pay $104 million to settle an investigation with US authorities, after it used stolen trade secrets to inflate bids for contracts five years ago. The company discovered the misconduct in 2020 and ‘voluntarily reported the incident to the customer’ and to General Electric and Mitsubishi Heavy Industries.
The proposed settlement with a US court in Virginia results from allegations of the theft of trade secrets that Siemens Energy had used in its bid to provide gas turbine equipment and servicing to Dominion Energy in 2019.
The settlement is subject to approval by the court, scheduled to be heard on 5 December.
An initial case brought by General Electric was settled between the two companies in 2021. Siemens Energy said that the new settlement with the US Department of Justice would resolve the case.
