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corporate crime
by leon on July 3, 2009
Seems like regulators are finally dealing with bribers and cheaters. But they're taking their time.
Two years after Siemens executives were convicted of paying bribes to get business, the World Bank has announced it will impose a $100 million penalty on the German conglomerate and bar it from getting any World Bank business for two years, and our years in Russia.
In April, Siemens revealed it had been barred from the United Nations procurement division database for six months.
These penalties are unlikely to hurt Siemens bottom line. Which raises the question of whether the company has had any real incentive to fix itself, as it's claimed. Will the penalties work? Let's watch this space.
Permalink: World Bank finally catches up with Siemens
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