Siemens launches anti-corruption initiative

FRANKFURT: Siemens AG on Wednesday launched an anti-corruption initiative with the World Bank that will distribute $100 million to nonprofit organizations over the next 15 years.

Siemens said the program is aimed at promoting business integrity and fighting corruption, and will include educational programs.

The program is part of a settlement reached by Siemens related to a massive corruption scandal which started unfolding in 2006, in which the company was accused of making improper payments to secure work.

The industrial conglomerate, based in Munich, said the program will favor projects that have a direct impact on the private sector and aim to strengthen compliance standards and legal systems.

The World Bank will have audit and veto rights over the groups receiving and the use of the funds.

``This initiative will boost our efforts for more business integrity and fair market conditions globally,'' Peter Solmssen, a Siemens board member, said in a statement. ``We are looking forward to making this a joint success with the World Bank and other partners.''