Limited Liability Company Siemens (OOO Siemens) has been debarred for 4 years in connection with violations committed prior to 2007. The findings resulted from an investigation by the World Bank's Integrity Vice Presidency into fraudulent and corrupt practices under the Bank-financed 'Moscow Urban Transport Project'.
This debarment followed a comprehensive settlement that was agreed between the World Bank Group and Siemens AG on July 2, 2009. The settlement arose out of a World Bank investigation and the company's acknowledgment of past misconduct in its global business.#
Russia
Siemens debarred for Engaging in Fraud and Corruption
Special Correspondent - 2009-12-01 09:37
WASHINGTON-The World Bank has debarred Limited Liability Company Siemens (OOO Siemens), a Russian subsidiary of Siemens AG, for having engaged in fraudulent and corrupt practices in relation to a World Bank-financed project.