German engineering giant Siemens has confirmed it is being investigated by the US stock market watchdog for alleged corruption. The news comes a day after the company's chief executive said he would stand down.
The Securities and Exchange Commission will formally examine allegations that Siemens set up slush funds to the tune of up to €400m.
CEO Klaus Kleinfeld announced on Wednesday he would leave his post to allow Siemens, Europe's biggest engineering company, to focus on weathering the corruption scandal which has shaken the industrial group this year.
Kleinfeld has not personally been implicated in the corruption probe.
