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.
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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.