July 30, 2010
Siemens fined $100 mln in fraud scandal
Published: 3 Jul 09 07:45 CET
Online: http://www.thelocal.de/money/20090703-20353.html
German industrial giant Siemens will pay $100 million over 15 years into a fund to fight corruption after probes revealed fraud at its subsidiaries, the World Bank said.
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"The World Bank Group today announced a comprehensive settlement with Siemens... 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 bank said on Thursday.
The World Bank added: "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."
The 161-year-old conglomerate with activities from nuclear power stations to trains and light bulbs has acknowledged that up to €1.3 billion ($1.8 billion dollars) may have been used illegally to win foreign contracts.
Siemens, which employs some 400,000 people worldwide, found in an internal investigation that the practice was widespread across its numerous divisions.
"This settlement provides significant consequences for past wrongdoing by Siemens," said Leonard McCarthy, Integrity Vice President at the World Bank.
AFP (news@thelocal.de)
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