Siemens to pay $100m to fight corruption as part of World Bank Group settlement
Date: 2009-07-10
Global
The World Bank Group recently announced a comprehensive settlement with Siemens AG in the wake of the company’s acknowledged past misconduct in its global business and a World Bank investigation into corruption in a project in Russia involving a Siemens subsidiary.
As part of the settlement, Siemens has agreed to co-operate to change industry practices, clean up procurement practices and engage in collective action with the World Bank Group to fight fraud and corruption.
To read the full news release click here.