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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.