Is Corruption Making It Tough For MNCs To Do Business In India?

Though analysts said that Loescher was replaced by Joe Kaesar as the profit numbers of Siemens were not up to the mark for quiet some time. Loescher was the first outsider to head Siemens AG. It is also considered as an indicator that the board had lack of confidence in the then management.

Madan was suspended from Bharti Walmart in November 2012 with four other officials after Walmart internally started investigating if its practices in India violated the U.S. FCPA.

The U.S. Securities and Exchange Commission and German tax officials and public prosecutors had made Siemens pay $800 million in the U.S. and 395 million in Germany to clear up the 2008 charges.

Kaesar was one of the few people who survived the flush out in 2006-07. In 2011, during a visit to India, Kaesar had recalled how he saw almost 80 percent of the top management exit Siemens in 2007-08.

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