SIEMENS SPENDS US$100 MILLION ON FIGHTING FRAUD AFTER SUBSIDIARY’S WORLD BANK BAN
February 1st, 2010
BY KEITH NUTHALL
GERMAN engineering giant Siemens has agreed to spend US$100 million over 15 years helping non-profit organisations worldwide promoting business integrity and fighting corruption, after falling short on ethics. The announcement is part of an agreement with the World Bank that will see Siemens "refrain from bidding" for the bank's business until this coming December (2010). This, said the agreement's text, followed "the company's acknowledged past misconduct in its global business" - in December 2008 it agreed to pay fines and ...
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