WASHINGTON, November 30, 2009 –The World Bank today 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.
OOO Siemens has been debarred for four 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.
