World Bank Debars Voestalpine VAE SA (Pty) Ltd for 27 months

Stocks and Financial Services Press Releases Thursday March 10, 2016 09:50
WASHINGTON--10 Mar--World Bank

WASHINGTON, March 9, 2016— The World Bank Group announced the debarment of voestalpine VAE SA (Pty) Ltd and its affiliates for a period of 27 months following the company's submission of false information while bidding for a World Bank-financed contract under the Multimodal Transport Project in the Democratic Republic of Congo. The sanction also includes all entities directly and indirectly controlled by Voestalpine VAE SA (Pty) Ltd and affiliates.

An investigation by the World Bank Integrity Vice Presidency revealed that the company has failed to disclose the name and commission of its agent in its bid for a contract under the Multimodal Transport Project in the Democratic Republic of Congo.

The debarment is part of a Negotiated Resolution Agreement under which the company will cooperate with the World Bank Integrity Vice Presidency in its efforts to prevent misconduct in World Bank-financed projects. In addition, the debarred entities are required to comply with the World Bank's Integrity Guidelines prior to their release from the debarment list.

"Ensuring the integrity of development resources is critical to the World Bank's objectives to end poverty and promote shared prosperity. Maintaining integrity standards is a shared responsibility between clients, companies and project teams," said Leonard Frank McCarthy, World Bank Integrity Vice President."

The debarment of Voestalphine VAE SA (Pty) Ltd and affiliates qualifies for cross-debarment by other MDBs under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010.

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