Siemens in corruption settlement

Siemens set aside money to cover the fines earlier this year

The German industrial giant Siemens has agreed to pay more than $1.3bn (£850m) in Germany and the US to settle long-standing corruption charges.

It will pay $800m in the US and 395m euros (£353m) in Germany.

It was charged in the US with bribery and falsifying its books, while German prosecutors said it had a "lack of control over its business activities".

The US Justice Department described the case as its furthest-reaching foreign corrupt practices trial.

Siemens agreed last year to pay $287m in fines to German regulators for similar offences.

The settlements had been widely expected after Siemens announced earlier this year that it was setting aside about 1bn euros to cover any fines.

As part of the settlement, Siemens will maintain its "responsible contractor" status in the US, which means it will still be able to bid for government contracts.