Printer Friendly

World Bank Group debars company.

WASHINGTON: The World Bank Group debarred a Paris-based manufacturing company for power transmission components for two years, with conditional release, of Sediver SAS, in relation to sanctionable misconduct under the Southern Africa Power Market Project (SAPMP) in the Democratic Republic of the Congo (DRC).

The project was designed to improve the infrastructure for generating and transmitting electricity in the DRC. The debarment precludes Sediver SAS from participating in World Bank-financed projects as part of a Negotiated Resolution Agreement (NRA) with the World Bank. In addition, Sediver SAS' parent company, Sediver SpA, will be conditionally non-debarred for a period of 18 months, which means that Sediver SpA remains eligible to participate in World Bank-financed projects as long as it complies with its obligations under the NRA, which was signed between the World Bank and Seves Group S.a.r.l (Seves), the sanctioned entities' holding company.

The debarment of Sediver SAS qualifies for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010. In accordance with World Bank Sanctions Procedures, Sediver SAS will be released from sanction at the end of the period of debarment with conditional release if the Integrity Compliance Office determines that the conditions for release have been met at that time.

COPYRIGHT 2017 Plus Media Solutions
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2017 Gale, Cengage Learning. All rights reserved.

 
Article Details
Printer friendly Cite/link Email Feedback
Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Dec 21, 2017
Words:216
Previous Article:WB, Nigeria, Swiss Federal Council sign MOU.
Next Article:Countries need to adopt new thinking.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters