Siemens AG will pay Israel 38 million euros to settle a decade-old corruption case, Israeli media reported late Monday, citing the Justice Ministry in Jerusalem.

The agreement arises from around 2000, when the German giant of Siemens allegedly bribed six Israel Electric Corporation executives to win a bid for turbines, the business newspaper Globes reported.

The settlement was announced by Israel's Justice Ministry, which has been investigating whether Siemens paid millions of dollars in bribes to officials at Israel Electric Corp (IEC) to win contracts from 1999 to 2005.

The six executives, who were arrested in December 2014, will face criminal charges in the case including bribery, fraud and money laundering, reports revealed.