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VietNamNews

World Bank debars company for fraudulent practices in development projects

Update: October, 09/2013 - 14:00
HA NOI (VNS)— The World Bank Group announced the debarment of Ha Noi-based Thang Long Infrastructure Development Joint Stock Company and its affiliates for 2.5 years following the company's acknowledgement of fraudulent practices.

According to the bank's announcement, the company submitted misrepresented documents as part of the bidding process for the Trust-Fund financed Mekong Delta Region Urban Upgrading Project, the Second Northern Mountainous Poverty Reduction Project and the Da Nang Sustainable City Development Project.

During the debarment, which takes effect this month, the company and its affiliates will not qualify for any contract financed by the World Bank.

The debarment is part of a Negotiated Resolution Agreement that acknowledges the company's co-operation. It also qualifies for cross-debarment by other Multi-Development Banks under the 2010 Agreement of Mutual Recognition of Debarments. -- VNS

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