Asset Recovery Watch

ARW-175
Siemens AG (World Bank and EBRD Settlements)
Germany
World Bank
Undertaking Recovery Effort, Location of Recovery Effort
2009
Ongoing
Art.16
No
Other (Administrative Sanctions)
No
N/A
Settlement Agreement (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.)
Completed (in part) and Ongoing (in part)
Other
$70,000,000 (granted and committed)
Yes
Establishment of Siemens Integrity Initiative

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].)

N/A (Administrative Sanctions)

World Bank Integrity Vice Presidency
World Bank Integrity Vice Presidency
World Bank Integrity Vice Presidency