Siemens fight corruption by € 75 million

German industrial conglomerate Siemens „(Simens AG) announced that it has agreed to pay 75 million euros over 15 years to support international efforts to combat corruption.

Furthermore, the company will refrain from participating in tenders for contracts on projects financed by the World Bank (WB) to 2011, forward Associated Press, quoted by BTA.
The group, whose headquarters is in Munich, announced that it has agreed to pay the money – 5 million (7 million e.) annually for a period of 15 years – the UN and international human rights organization Tranperansi International (Transparency International) as part of the agreement with WB. Siemens determined that decision as part of its „ongoing efforts to deal with the consequences of a bribe scandal.
Siemens, which manufactures a variety of products from wind turbines to trams was involved in a corruption scandal and admitted that a suspicious payments to ensure the growth of your business. In the investigation commissioned by Siemens, were found evidence of illegal operations in the country and in several other countries. In December the company agreed to pay over 1 billion d. form of fines in Germany and the United States because the corruption scandal. At that time CEO of the group Peter Lyosher said it started an internal investigation and a new policy to strengthen the integrity of the company, recalls AP.

––––––––––––––––– ––––––––––

Finance