World Bank bars Siemens for fraud in Russian projectDecember 1st, 2009 - 1:29 pm ICT by IANS
Washington, Dec 1 (DPA) The World Bank has banned Limited Liability Company Siemens, a Russian subsidiary of Siemens AG, from participation in the agency’s projects for four years.
The action was taken Monday over the firm’s fraudulent and corrupt practices prior to 2007 in a World Bank-financed Moscow urban transport project.
The World Bank reached a comprehensive settlement with Siemens AG in July, in which the company acknowledged past misconduct in its global business.
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Tags: company siemens, corrupt practices, fraud, global business, limited liability company, moscow, participation, russian project, siemens, siemens ag, subsidiary, transport project, urban transport, world bank