OREANDA-NEWS. December 02, 2009. The World Bank announced that it 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, reported the press-centre of World Bank.

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.
 
For more information on the Siemens settlement, please visit: www.worldbank.org/integrity