WASHINGTON (Sputnik) — Four companies in Bolivia, Bangladesh, and Cambodia will be sanctioned for misconduct in World Bank-related projects, The World Bank said in a statement.
“The World Bank announced the debarment of four companies involved in misconduct relating to projects in Bolivia, Bangladesh and Cambodia,” the statement, issued on Wednesday, said.
The Project Implementation Unit tried to enforce the bid securities to cover its losses, but discovered the securities were fake, the statement added.
The Bangladeshi company Global Pharmaceuticals Ltd (Globe) was sanctioned for submitting false ‘prior experience’ certificates in its qualifying bid for a World Bank-financed contract, according to the statement.
Similarly, Cambodia’s Enterprise Co., Ltd. Was debarred for three years for bribing officials to be awarded a World Bank-financed contract under the Rural Electrification and Transmission Project while soliciting funds from a consortium member firm to help pay for the bribes.
The companies are required to adopt and implement an effective integrity compliance program that is uniform with World Bank integrity compliance principles, the statement said. The companies will also be ineligible to be awarded work contracts from the World Bank.
The World Bank is an international financial institution whose goal is to provide loans to developing countries for capital programs, according to its mission statement.
