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.
Siemens AG / Siemens S.A.
Italy, Nigeria, United States, World Bank
Other (Waiver of EUR80 million in obligations owed by Greek Government to Siemens; Payment of EUR90 million to finance anti-corruption platform; Investment of EUR 100 million to Siemens' activities within Greece)
According to the April 5, 2012 press release by Siemens, "Today, the Hellenic Parliament ratified the settlement agreement between Siemens and the Greek State. This marks the beginning of a new chapter in Siemens' long history in Greece. The Greek Government's commitment to foster growth was one of the pillars on which this agreement was based. This agreement will allow Siemens to continue to be a real supporter. To this end, Siemens will explore actual and substantial areas of investment in Greece, with special emphasis to sectors which increase employment and support the economy. In total, this settlement will reach approximately 270 million Euro. In this context, Siemens waives claims of ?80 million that concern implemented projects and the delivery of equipment to the Greek State. Siemens will dispense up to the amount of 90 million Euro for transparency initiatives and anti-corruption programs, as well as for academic and research programs that aim at enhancing Greece's competitiveness. Finally, Siemens will spend over ?100 million, in order to enhance its activities in Greece and preserve a significant number of jobs in the local market." (Source: Siemens AG Company Press Release, "Siemens and the Hellenic Republic reach a settlement agreement and mark a new beginning," April 5, 2012.)
Siemens AG Company Press Release, "Siemens and the Hellenic Republic reach a settlement agreement and mark a new beginning," April 5, 2012, accessed at http://www.siemens.com/press/pool/de/pressemitteilungen/2012/corporate/AXX20120420e.pdf; Organisation for Economic Co-operation and Development, "PHASE 3 REPORT ON IMPLEMENTING THE OECD ANTI-BRIBERY CONVENTION IN GREECE, JUNE 2012," accessed at http://www.oecd.org/dataoecd/21/2/50633313.pdf
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