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WB Group debars Turkish company for collusion

Business Materials 29 September 2011 10:28
The World Bank Group's Sanctions Board recently debarred "Oztas Insaat, Inssat malzemeleri Ticaret Anonim Sirketi" (Oztas) for a period of three years that may be reduced to 2 years pending cooperation with Integrity Vice Presidency (INT) and the implementation of an effective corporate compliance program, the WB reported.
WB Group debars Turkish company for collusion

Azerbaijan , Baku, Sept. 29 / Trend , G.Dadashova /

The World Bank Group's Sanctions Board recently debarred "Oztas Insaat, Inssat malzemeleri Ticaret Anonim Sirketi" (Oztas) for a period of three years that may be reduced to 2 years pending cooperation with Integrity Vice Presidency (INT) and the implementation of an effective corporate compliance program, the WB reported.

The debarment was announced following an INT investigation revealing collusive practices by Oztas in relation to the East-West Highway Improvement Project in Georgia.

The Sanctions Board also debarred the Chinese Company "China First Metallurgical Construction Corporation" (CFMCC) together with any organization CFMCC directly or indirectly controls for a period of three years. The company's fraudulent misconduct relates to the Dhaka Urban Transport Project in Bangladesh.

"Corruption is a serious act of misconduct and we are committed to leveraging our investigative and preventive resources to bring an end to it. We welcome the Sanctions Board Decisions reaffirming the Bank's efforts to safeguard its projects and support development with integrity," World Bank Integrity Vice President Leonard McCarthy said.

These cases are eligible for cross debarment under the April 2010 Agreement for Mutual Enforcement of Debarment Decisions entered into by the African Development Bank Group, Asian Development Bank, the European Bank for Reconstruction and Development, the World Bank Group and the Inter-American Development Bank Group.

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