Siemens AG has agreed to contribute $100 million to anticorruption efforts, through training and education, assisting governments in recover stolen assets and strengthen efforts to crack down on corrupt practices and to avoid bidding on any World Bank projects for two years, in a a settlement reached with the World Bank over bribery allegations
Investigators allege that Siemens AG had offered over $1 billion in recent years as bribes to government officials in at least 10 countries including Nigeria to win contracts.
In 2008, Siemens AG agreed to pay $800 million in fines to the US government, under the U.S. Foreign Corrupt Practices Act.
In a statement the World Bank said, “the settlement includes a commitment by Siemens to pay 100 million dollars over the next 15 years to support anti-corruption work. Siemens has also agreed to change industry practices, clean up procurement practices and engage in collective action with the World Bank to fight fraud and corruption.
“Siemens will also provide information on any additional cases of wrongdoing to the Bank’s Institutional Integrity Vice Presidency which investigates fraud and corruption. This settlement provides significant consequences for past wrongdoing by Siemens,”
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