15/12/2006 by Carla Moore
Nokia Siemens Networks will start operations in 1Q 2007, not in January 2007 as originally planned.
Communications technology companies Nokia and Siemens announced in a press release that the planned merger to create the new company Nokia Siemens Networks has been pushed back to 1Q 2007 due to the corruption and money laundering scandals that are currently plaguing Siemens. Last month, German authorities launched an investigation into €200m in suspicious transactions and several Siemens employees have been arrested in connection with the scandal.
Closing will be subject to an agreement between Nokia and Siemens on the results and consequences of a Siemens compliance review. This adjustment is an addition to the previously agreed closing conditions. Nokia will participate actively in the review, which is expected to be performed during the first quarter 2007.
Nokia and Siemens have also agreed that the results of the compliance review will be used to develop a compliance program which will be implemented from the start of Nokia Siemens Networks operations.
http://www.digitalmediaasia.com/default.asp?ArticleID=20525
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