Date Time
World Bank Group Announces Settlement with China First Metallurgical Group Co., Ltd
The World Bank Group today announced the three-year conditional non-debarment of China First Metallurgical Group Co., Ltd. (CFMCC), a company that provides engineering construction services, in connection with a fraudulent practice under the Hubei Xiaogan Logistics Infrastructure Project in the People’s Republic of China.
CFMCC was sanctioned with conditional non-debarment, which means that it remains eligible to participate in projects and operations financed by institutions of the World Bank Group as long as it complies with its obligations under the settlement agreement. Otherwise, the conditional non-debarment will convert to a sanction of debarment with conditional release, and the company then will become ineligible to participate in World Bank Group projects and operations until the conditions for release set out in the settlement agreement are met.
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World Bank debars German oil and gas contractor for 13 months
The debarment makes Ferrostall Oil & Gas ineligible to participate in projects and operations financed by institutions of the World Bank Group for the stated period
Image: Postmodern Studio/Shutterstock
The World Bank has announced the 13-month debarment of Germany’s Ferrostall Oil & Gas (FSOG), an engineering, procurement and construction contractor for oil, gas and other industrial plants.
It is in connection with an alleged fraudulent practice under the Bank-financed Ayeyarwady Integrated River Basin Management Project in Myanmar.
The project was designed to strengthen climate-resilient management and development of the river, in the event of an eligible crisis or emergency.
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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.