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New Delhi: The World Bank Group today announced the thirteen-month debarment of Germany-based Ferrostaal Oil & Gas GmbH (“FSOG”), an international engineering, procurement, and construction contractor for oil, gas, and other industrial plants, in connection with a fraudulent practice under the Bank-financed Ayeyarwady Integrated River Basin Management Project in Myanmar.
The debarment makes FSOG ineligible to participate in projects and operations financed by institutions of the World Bank Group for thirteen months. It is part of a settlement agreement under which the company acknowledges responsibility for the underlying sanctionable practice and agrees to meet specified corporate compliance conditions as a condition for release from debarment.
World Bank Group Announces Settlement with Golden Maritime Technology Dettagli
The World Bank Group announced the six-month conditional non-debarment of Bangladesh-based Golden Maritime Technology (GMT) in connection with a fraudulent practice under the World Bank-financed Urban Resilience Project in Bangladesh. The sanction of conditional non-debarment
means that GMT will remain eligible to participate in projects and operations financed by institutions of the World Bank Group provided that it complies with its obligations under the settlement agreement. If these obligations are not satisfied within a six-month period, the conditional non-debarment will convert to a sanction of debarment with conditional release, and the company will then become ineligible to participate in World Bank Group-financed activities until the conditions for release set out in the settlement agreement are met.
World Bank Group Announces Settlement with Golden Maritime Technology miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.
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World Bank Group and Argentine National Administrative Investigations’ Prosecutor Advance Anticorruption Cooperation
The World Bank Group’s Integrity Vice Presidency and the National Administrative Investigations’ Prosecutor (PIA) in Argentina announced today an agreement to strengthen their cooperation in preventing and investigating fraud and corruption that violate national legislation and/or World Bank Group rules and policies.
To mark the signing of the Memorandum of Understanding (MoU) between the two offices, Sergio Rodríguez, National Administrative Investigation’s Prosecutor stated: “I’m very happy to bolster the cooperation between the World Bank Group and the PIA, two strategic partners. It’s known that corruption has no borders, especially in a globalized world like the present, therefore international cooperation is essential.”
World Bank Group bans Singapore-based marine equipment retailer
The debarment makes Jason Electronics ineligible to participate in projects and operations financed by institutions of the World Bank Group for a period of six months.World Bank | Singapore | Updated: 10-12-2020 15:52 IST | Created: 10-12-2020 15:52 IST
Representative Image Image Credit: www.worldbank.org
The debarment makes Jason Electronics ineligible to participate in projects and operations financed by institutions of the World Bank Group for a period of six months. It is part of a settlement agreement under which the company acknowledges responsibility for the underlying sanctionable practice and agrees to meet specified corporate compliance conditions in order to be released from debarment.