Siemens and Work Bank Reach Anti-Corruption Settlement Worth $100 Million and 4-Year Debarment

On July 2, 2009, the World Bank Group announced a comprehensive settlement with Siemens AG for the latter’s confessed past misconduct in its global business and a World Bank investigation into corruption in a project in Russia involving a Siemens subsidiary. The settlement requires Siemens to pay $100 million over the next fifteen years to support anti-corruption work, an agreement of up to a four-year debarment for Siemens’ subsidiary, and a voluntary two-year exclusion from bidding on Bank business for Siemens AF and all of its consolidated subsidiaries and affiliates...(more)