German officials have reportedly seized €2 million found in the personal account of a former Siemens manager, Hans-Joachim Kohlsdorf.
Acting on Panama Papers information, the Federal Criminal Police (BKA) has seized what they believe to be an old Siemens slush fund. The money apparently came from a slush fund linked to two Commerzbank accounts that were used by Siemens to bribe officials in South America.
BKA was acting on intelligence derived from the so-called Panama Papers, for which the agency paid €5 million to secure. To exploit this trove of evidence, BKA has since set up a special commission of investigators to analyse the documents and prepare a strong case for the prosecution.
Kolhsdorf has been evading arrest for more than a decade, as prosecutors could not build a case against him. Apparently, the Panama leaks establish a direct connection between the former manager and corrupt practices employed by Siemens to secure public contracts.