Six former board members of Siemens, including two former chief executives, are to pay damages after the corruption scandal that ripped apart the German engineering group.
The Munich-based conglomerate announced in a statement today that managers including Heinrich von Pierer and Klaus Kleinfeld, his successor, would make payouts.
Mr Von Pierer, who was head of Siemens from 1992 to 2005 and president of its supervisory board until 2007, will pay €5 million (£4.5 million), the group said.
Mr Kleinfeld, who led the company until 2007, before moving to Alcoa, the US aluminium producer, is to pay €2 million.
An investigation into potential corruption at Siemens, which eventually saw bribery and false-accounting charges filed against the 161-year-old company, was launched in 2006.
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The group, renowed for its engineering excellence in medical scanners, high-speed trains and turbines, was found to be riddled with networks of corruption in which officials paid backhanders to secure big contracts.
US prosecutors alleged that the company had used off-book accounts to conceal the payments.
Last year, SIemens agreed to pay a record $1.6 billion to settle inquiries in the US and Germany after acknowledging paying €1.3 billion to secure work.
The group, now led by Peter Loescher, the first outsider to run it, said that it had reached a settlement with Mr von Pierer, Mr Kleinfeld, Johannes Feldmayer, Uriel Sharef, Karl Hermann Baumann and J?rgen Radomski.
It had previously settled with Edward Krubasik, Rudi Lamprecht and Klaus Wucherer, also former board members.
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Siemens claimed that the directors had breached their duties in failing to halt alleged “illegal business practices and extensive bribery”.
The group will meet today to discuss the agreements before its full-year earnings announcement tomorrow.
Mr Kleinfeld and Mr Von Pierer have denied any wrongdoing.
Siemens shareholders had threatened to sue the company if it did not claim damages over the scandal.