The World Bank Group has banned a power engineering firm from trading for 18 months.
The firm has been accused of involvement in fraudulent practices relating to the World Bank-financed Electricity Sector Development Project in Uganda and Second Transmission and Distribution Project in Vietnam.
Shandong Taikai Power Engineering Company misrepresented its prior project experience by submitting falsified contracts and completion certificates, along with a forged business licence while bidding for contracts, the World Bank found.
Leonard Frank McCarthy, World Bank Integrity Vice President said: “Company engagement and acknowledgment of misconduct are critical to advancing the integrity of development projects.
“This case is a clear example of the range of risks across regions and what can be done to address them.”