“Wrapping up the biggest corporate corruption investigation in history, Siemens agreed to pay $800 million [€598 million] to settle a U.S. investigation by the Department of Justice and the Securities and Exchange Commission [SEC] into bribes it paid to win contracts,” writes Reuters. “It will also pay 395 million euros ($531.9 million) to resolve a similar bribes-for-business investigation in Germany.”

Siemens has also agreed to “appoint an independent monitor for up to four years (…) and to cooperate with the US Government’s continuing investigation in the case,” details Reuters.

The company will keep its “responsible contractor” status in the US, which means it will still be able to bid for government contacts, explains the BBC.

“From the mid-1990s until last year, units of the company paid kickbacks and bribes to win contracts from Iraq’s government in the United Nations oil-for-food program and for projects including commuter rail in Venezuela, mobile-phone networks in Bangladesh, power plants in Israel and traffic-control systems in Russia,” writes Bloomberg. The same article adds that: “None of the contracts won with illegal bidding will have to be surrendered.”

“We regret what happened in the past but we have learned from it and taken appropriate measures. Siemens is now a stronger company” said Siemens CEO Peter Löscher, according to CNN.

“Lawyers say that a growing number of companies are focusing on FCPA compliance issues,” reports the Financial Times. “Since January 2006, the SEC has brought 38 FCPA enforcement actions – more than were brought in total since 1977.”