Settlements

ST-326
Siemens AG / Siemens S.A.
Siemens AG
Greece
Parliament
Greece
2012
04/05
Italy, Nigeria, United States, World Bank
Legal Person
Other
Parliamentary Decree
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)
$355,703,000.00
$355,703,000
various; please see case summary
$355,703,000
Enforcement by "Affected" Jurisdiction
Art.16
Art. 1, Art. 2
Bribery
Unknown
Yes
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.)