Disclaimer: The corruption cases databases are a product of the staff of the International Bank for Reconstruction and Development / The World Bank. It is intended for general information purposes only. The findings, interpretations, and conclusions expressed in the Database do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Neither the World Bank Group nor its officers or employees shall be liable for any losses that may result directly or indirectly from the use of or reliance upon such information.
N/A (Administrative Sanctions)
According to the World Bank Press Release of July 2, 2009, Siemens and the World Bank announced a comprehensive settlement agreement "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." (Source: The World Bank Press Release, "Siemens to pay $100m to fight corruption as part of World Bank Group settlement," Press Release No:2009/001/EXT, July 2, 2009.) According to Siemens, "Over 30 projects from over 20 countries were selected for funding in the first funding round and will receive an overall funding up to US$ 40 million." In December 2014, Siemens announced the selected grantees in the first group of the second round. (Source: Siemens A.G., World Bank, European Investment Bank Joint Press Release, "Siemens Integrity Initiative enters the second round," December 10, 2014; See also Siemens A.G., Integrity Initiative at http://www.siemens.com/about/sustainability/en/core-topics/collective-ac... and http://www.siemens.com/about/sustainability/en/core-topics/collective-ac... [last accessed June 27, 2016].)