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W/Bank sanctions Chinese firm for misconduct in Africa

APA

Copyright : APA

The World Bank on Wednesday announced the debarment of Chinese state-owned enterprise China International Water and Electric Corp. (CWE) and its controlled affiliates for a period of three years with conditional release.The bank said in a statement that the debarment is part of a Negotiated Resolution Agreement between the bank and CWE following an investigation by the World Bank’s Integrity Vice Presidency (INT) into allegations of sanctionable practices involving the company in a hydropower project in Africa.

“This agreement reflects INT’s interest and willingness in resolving sanctions cases in a mutually agreeable manner with companies that are willing to acknowledge wrongdoing and who commit to improving their compliance regimes,â€� said Leonard McCarthy, World Bank Integrity Vice President.

An investigation by INT discovered that CWE misrepresented its experience during the procurement process in two World Bank-funded projects, a sanctionable practice under World Bank guidelines for procurement, the statement reads.

It said the debarment of CWE qualifies for cross-debarment by other multilateral development banks under the Agreement of Mutual Recognition of Debarments that was signed on April 9, 2010.

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