The Government of Greece announced a settlement with Siemens in relation to long-running allegations that Siemens used bribery to secure contracts for the 2004 Athens Olympic games, it was reported on 27 August 2012. Under the terms of settlement Siemens will write off €80m it is owed by the Greek Government, and commit to funding €250m of projects in the country over the next five years, including a commitment to build a new plant in Greece leading to the employment of an additional 700 people.