World Bank bars Siemens for fraud in Russian project

WASHINGTON: The World Bank has banned Limited Liability Company Siemens, a Russian subsidiary of Siemens AG, from participation in the agency's projects for four years.

The action was taken Monday over the firm's fraudulent and corrupt practices prior to 2007 in a World Bank-financed Moscow urban transport project.

The World Bank reached a comprehensive settlement with Siemens AG in July, in which the company acknowledged past misconduct in its global business.