WB debars Chinese company for 'fraudulent misconduct'
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WB debars Chinese company for 'fraudulent misconduct'

Last Updated: Tuesday, July 02, 2013, 08:48
 
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WB debars Chinese company for 'fraudulent misconduct'
Washington: The World Bank has announced to debar a Chinese company for two years on the charges of "fraudulent misconduct" that hit one of its projects in China.

The announcement came on Monday after China Energy Conservation and Environmental Protection Group Technology and Investment Co. New Hope & Talroad (Beijing) Environmental Technology Co. Ltd. (CECEP New Hope), formerly known as New Hope & Talroad (Beijing) Environmental Technology Co., Ltd. acknowledged of "fraudulent misconduct" impacting the World Bank-financed Shandong Flue Gas Desulphurisation Project in China. The project closed on June 30, 2012.

The case came to light as a result of a World Bank financial management review that identified discrepancies in documentation submitted for reimbursement, an official release said.

The two-year debarment came into effect on June 28, the Bank said. During this period, CECEP New Hope will not qualify for any contract financed by the World Bank Group. As part of the settlement, the company will also need to demonstrate full and satisfactory compliance with the World Bank Integrity standards.

"We are pleased with the outcome of this investigation, the cooperation and active steps taken by the company to comply with the World Bank's integrity standards following its acknowledgement of misconduct," said Leonard McCarthy, World Bank Integrity Vice President.

The World Bank Integrity Vice Presidency (INT) is responsible for preventing, deterring and investigating allegations of fraud, collusion and corruption in World Bank projects, capitalising on the experience of a multi-lingual and highly specialised team of investigators and forensic accountants.

In the fiscal year 2013, as many as the Bank had sanctioned 74 entities, including settlements where companies are debarred as a default sanction in addition to committing to cooperation with the Integrity Vice Presidency. These include the Canadian company SNC Lavalin and more than 100 of its affiliates and the Indian company Larsen and Toubro Limited among others.

PTI



First Published: Tuesday, July 02, 2013, 08:48


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