Siemens to pay $100m to fight corruption as part of World Bank Group settlement
The World Bank Group 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.
The settlement includes a commitment by Siemens to pay $100 million over the next 15 years to support anti-corruption work, an agreement of up to a four-year debarment for Siemens’ Russian subsidiary, and a voluntary two-year shut-out from bidding on Bank business for Siemens AG and all of its consolidated subsidiaries and affiliates.
As part of the settlement, Siemens has also 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. Siemens will also provide information on any additional cases of wrongdoing to the Bank’s Institutional Integrity Vice Presidency (INT), which investigates fraud and corruption in Bank Group-financed activities.
Siemens’ commitment to pay $100 million to support global efforts to fight fraud and corruption would include providing funds to organisations and projects aimed at combating corruption through collective action, training, education. The money will also be directed to helping governments to recover assets stolen by corrupt leaders, and strengthening efforts to identify and crack-down on corrupt practices.
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