World Bank bans Siemens' unit for corruption

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World Bank bans Siemens' unit for corruption
Washington, Dec 1: Germany's Siemens AG has been banned from participating in bank projects for four years following evidence of fraud and corruption, the World Bank said on Tuesday, Dec 1.

"Limited Liability Company Siemens (000 Siemens) was debarred effective Nov 25 for having engaged in fraudulent and corrupt practices in relation to a World Bank-financed project," the bank said.

The World Bank announced in Jul 2009 a comprehensive settlement with Siemens AG after the German company acknowledged past misconduct in its global business.

Under the deal, Siemens agreed to pay $100 million over the next 15 years to support anti-corruption work and a voluntary two-year shut-out from bidding on World Bank business for the group all of its consolidated subsidiaries and affiliates.

The agreement included the four-year debarment for 000 Siemens.

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