Telecommunications company Siemens have tried to bring an end to a bribery scandal by agreeing to pay fines of around £1bn to American and German authorities.

The company has also agreed to appoint an independent watchdog to monitor its compliance.

The scandal first emerged in 2006, when it was discovered that over £1bn of bribes had been paid by Siemens officials to win contracts in the US and Germany.

"Today we are, in essence, closing one of the unhappiest chapter in our 160-year old history," said the chairman of Siemens, Gerhard Cromme.