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World Bank bars 4 Chinese firms for corruption
By Tom Qian |
January 16, 2009, Friday
|
Online Edition
Online Edition
FOUR Chinese companies have been barred by the World Bank for engaging in corrupt practices on a road project in the Philippines, Chinese media reported today.
China Road and Bridge Corp was barred from bidding on future World Bank contracts for eight years. China State Construction Corp and China Wu Yi Co were each barred for six years and China Geo-Engineering Corp was barred for five years, according to the World Bank's Website.
"We deeply regret being barred by the World Bank," a statement from China State Construction Corp said.
The World Bank also barred three other firms and one individual, all from the Philippines.
The bans can be reduced or terminated if a firm puts in place a compliance program satisfactory to the World Bank.
Philippines-based E. C. de Luna Construction Corp and its owner Eduardo C. de Luna were both barred indefinitely 鈥 the first time the World Bank has taken such action against a person or company since 2004.
The World Bank uncovered evidence of a major cartel involving local and international firms bidding on contracts on the Philippines National Roads Improvement and Management Program. The bank stopped payment of an estimated US$33 million.
The World Bank has barred 351 firms and individuals around the world for their involvement in fraud and corruption in projects it has financed since 1999.
China Road and Bridge Corp was barred from bidding on future World Bank contracts for eight years. China State Construction Corp and China Wu Yi Co were each barred for six years and China Geo-Engineering Corp was barred for five years, according to the World Bank's Website.
"We deeply regret being barred by the World Bank," a statement from China State Construction Corp said.
The World Bank also barred three other firms and one individual, all from the Philippines.
The bans can be reduced or terminated if a firm puts in place a compliance program satisfactory to the World Bank.
Philippines-based E. C. de Luna Construction Corp and its owner Eduardo C. de Luna were both barred indefinitely 鈥 the first time the World Bank has taken such action against a person or company since 2004.
The World Bank uncovered evidence of a major cartel involving local and international firms bidding on contracts on the Philippines National Roads Improvement and Management Program. The bank stopped payment of an estimated US$33 million.
The World Bank has barred 351 firms and individuals around the world for their involvement in fraud and corruption in projects it has financed since 1999.
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