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World Bank: We are serious about fraud, corruption allegations

  • Published at 08:13 pm February 11th, 2017
World Bank: We are serious about fraud, corruption allegations
The World Bank (WB) has stated it takes allegations of fraud and corruption impacting its bank-financed projects very seriously, in a press release published on Saturday. “Once a World Bank investigation is concluded, we share findings with national authorities to determine whether or not there was a violation of national legislations,” the press release states. “The status of referral actions is published in INT's annual report. How each referral is handled is always left up to each national authority,” it also states. WB statement These statements come in the aftermath of the verdict reached in a Padma Bridge graft case involving the Canadian-based engineering giant, SNC-Lavalin. A Toronto court cleared two former officials of SNC-Lavalin and a Bangladeshi-Canadian businessman of the charge of planning to bribe Bangladeshi officials to secure a consultancy contract in the Padma Bridge project. The World Bank was a lead financier in the project, having pledged $1.2bn of the project cost, but suspended funds when allegations of corruption came to light in October 2011. SNC is serving a 10-year-ban imposed in 2013, barring it from bidding on any development projects financed by the World Bank.
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