Two former Siemens managers were given suspended sentences on Monday for bribing Italian officials to secure contracts for power plants in Italy. Also, a Darmstadt court ordered the Siemens to pay €38 million ($53 million) into the state coffers.

The two former managers were convicted for embezzling more than €6 million ($7.8 million dollars) to bribe employees of Italian energy concern Enel to secure gas-turbine contracts valued at 450 million euros.

A former head of Siemens received a two-year suspended sentence, while a consultant engineer who admitted the charges was given a nine-month suspended sentence. Similar sentences were given by a Milan court to two Enel employees and two other Siemens managers charged in Italy in connection with the bribery case.

Prosecutors searched Siemens offices mid-November when allegations first surfaced that senior employees had siphoned off 200 million euros to pay bribes.There have also been allegations of a slush fund used to keep labour leaders docile.

Siemens' new chief executive, Gerhard Cromme, reportedly plans to reorganize the company's structure in order to have a smaller management board.