Eduard Seidel

Eduard Seidel is a German businessman who worked for Siemens in Nigeria until 2005. Colleagues referred to him as the king of Nigeria. In 2008,he was convicted in the "biggest bribe scandal in German history". As of 2022, prosecutors were unaware of Seidel's shell companies and Credit Suisse accounts holding more than 54.5 million Swiss francs.

Career

Seidel spent almost his entire career at Siemens. In 1985, he took over its communications division. He said his predecessor taught him how to win business with Nigeria's state-owned telecommunications company NITEL with bribes, a practice which until 1999 was legal in Germany. [1] Colleagues referred to him as the king of Nigeria.[2] In 2005, Seidel stepped down.[1]

In 2008 Seidel faced trial in Germany for bribing foreign officials in the "biggest bribe scandal in German history". He received a one-year suspended prison sentence, fine and costs of 240,000 euros.[1] In 2021, the Pandora Papers revealed that Seidel owned a shell company on the British Virgin Islands founded in 2008. In 2009 this company bought four real estate objects in Dubai, amongst them a mansion on The Palm Jumeirah.[2]

The 2022 Suisse secrets revealed that Seidel held more than 54.5 million Swiss francs ($41.9 million) in 6 Credit Suisse bank accounts, one of which was active until at least 2016.[1] Before he left Siemens in 2004, he earned 300.000 Europe per year, which would not explain the amount in his Credit Suisse accounts. Credit Suisse never reported Seidel to the German prosecution as suspicious.[2]

Personal life

Seidel is married. His wife founded a company with the help of the Nigerian minister of communications, which had "never developed any business activity."[1]

References
  1. OCCRP. "Bribing Businessman Had Secret Credit Suisse Accounts". Retrieved 6 March 2022.
  2. tagesschau.de (21 February 2022). ""Suisse-Secrets": Neue Spur in Siemens-Schmiergeldskandal" (in German). Retrieved 6 March 2022.
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