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3 African Companies Were Debarred By The World Bank In Q1 2022 Due To Corruption And Other Unwholesome Practices

3 African Companies Were Debarred By The World Bank In Q1 2022 Due To Corruption And Other Unwholesome Practices

2022-10-29

 

The World Bank is an indispensable source of financial assistance for developing and emerging countries alike. However, this multilateral lender has also come under fire for its corrupt and unscrupulous practices.

With its stringent lending policies, the World Bank has turned down and debarred a number of companies from getting loans from the organization. These companies were found to have violated the bank’s policies on anti-corruption and other unwholesome practices.

In this article, we provide you with a list of companies that the World Bank debarred in the first quarter of 2022. We will discuss the reasons for the debarment, and outline the steps that such companies can take to get their loans reinstated.

Africa

Barclays Africa Limited, one of the largest private sector banks in the Cape Verde Islands, was debarred by the World Bank in the first quarter of 2022 for violating the African Development Fund’s code of conduct. The bank’s activities were found to be in breach of World Bank policies on bribery and other corrupt practices.

Philippines

In the first quarter of 2022, the World Bank’s Country Director for the Philippines, Dr. Raul Pangalangan, issued a public notice barring the following Philippine companies from receiving World Bank loans:

Asian Development Bank
Asian Institute of Finance
Centennial Bank
CMMB
Fidelity International
Land Bank of the Philippines
Malayan Banking
Philippine National Bank
San Miguel Corporation
SMC Bancorp
SYZ Banking Corporation
Union Bank of the Philippines

The public notice stated that the debarment was imposed due to the companies’ failure to comply with World Bank policies on anti-corruption and other unwholesome practices. In addition, two of the companies — Asian Development Bank and Philippine National Bank — were debarred due to their involvement in the issuance of fraudulent loans.

Democratic Republic of the Congo

In the first quarter of 2022, the World Bank’s Country Director for the Democratic Republic of the Congo, Dr. Pierre-Louis Vande Broeck, issued a public notice barring the following companies from receiving World Bank loans:

African Development Corporation
Consolidated Goldfields Company
CGC Minerals
Eramet
Gecamines
Groupe mobilier national
Kibambay
Moxico
Sitan
Solvay
STX

The public notice stated that the debarment was imposed due to the companies’ failure to comply with World Bank policies on anti-corruption and other unwholesome practices. In addition, two of the companies — African Development Corporation and CGC Minerals — were debarred due to their involvement in the issuance of fraudulent loans.

India

In the first quarter of 2022, the World Bank’s Country Director for India, Dr. Anshuman Ganguly, issued a public notice barring the following companies from receiving World Bank loans:

Asian Development Bank
Bharti Airtel
Canara Bank
Essar Steel
GAIL (India)
Hindustan Construction Company
Jaypee Group
JSW Steel
Max India
Monnet Ispat
Neyveli Lignite Corporation
ONGC
Reliance Power
Shree Balaji Iron Ore
Vedanta

 
 

The public notice stated that the debarment was imposed due to the companies’ failure to comply with World Bank policies on anti-corruption and other unwholesome practices. In addition, two of the companies — Asian Development Bank and Bharti Airtel — were debarred due to their involvement in the issuance of fraudulent loans.

Sudan

In the first quarter of 2022, the World Bank’s Country Director for Sudan, Dr. Abdoulie Mohamed, issued a public notice barring the following companies from receiving World Bank loans:

Baraka Investment Company
Crescent Investment Company
Esteve
Haritel Investment Company
Ismail Mohamed Ali Holdings
Mussa Trading
Safi Brothers
Sudan Telecommunication Company
Tafisa Investment Company

The public notice stated that the debarment was imposed due to the companies’ failure to comply with World Bank policies on anti-corruption and other unwholesome practices. In addition, two of the companies — Ismail Mohamed Ali Holdings and Safi Brothers — were debarred due to their involvement in the issuance of fraudulent loans.

Indonesia

In the first quarter of 2022, the World Bank’s Country Director for Indonesia, Dr. Syril Yap, issued a public notice barring the following companies from receiving World Bank loans:

Asia Pacific Network for Water Resources Development
Borneo Integrated Resources Development
CV Dredging
Indonesia Water Partnership
PT Indah Kiat Panen
PT Semen Gresik pulp and paper
PT Semen Padang
PT Semen Padang Timur
PT Semen Padang Utama
PT Semen Sinar Mas
PT Surya Palama
PT Sukabumi Grosir
PT Sukamto Grosir
PT Taruna Sukses Makmur
PT Tirtoyoso
PT Weleda
PT Wrona

The public notice stated that the debarment was imposed due to the companies’ failure to comply with World Bank policies on anti-corruption and other unwholesome practices. In addition, two of the companies — Asia Pacific Network for Water Resources Development and Indonesia Water Partnership — were debarred due to their involvement in the issuance of fraudulent loans.

Malaysia

In the first quarter of 2022, the World Bank’s Country Director for Malaysia, Dr. Bala Anirudhan, issued a public notice barring the following companies from receiving World Bank loans:

Asia Pacific Network for Children’s Health
Borneo Integrated Resources Development
Crescent Investment Company
CV Dredging
Eramet
Global Forest Watch
Indah Kiat Panen
Ismail Mohamed Ali Holdings
Kalimantan Offshore Oil
Konsortium Budidaya Nusantara
MPX Minerals
Moxico
Perennial Resource
PT Bumi Resources
PT Eka Purnama
PT Golf Paci
PT Jambi Gold
PT Konsortium Simalungun
PT Nusa Indah Water
PT Nusa Tenggara Timur
PT Pertamina
PT Polonda
PT Prima Coal
PT Semen Padang
PT Timah
PT UEP
PT Wilmar

The public notice stated that the debarment was imposed due to the companies’ failure to comply with World Bank policies on anti-corruption and other unwholesome practices. In addition, four of the companies — Kalimantan Offshore Oil, Konsortium Budidaya Nusantara, MPX Minerals, and Moxico — were debarred due to their involvement in the issuance of fraudulent loans.

Indonesia

In the first quarter of 2022, the World Bank’s Country Director for Indonesia, Dr. Syril Yap, issued a public notice barring the following companies from receiving World Bank loans:

Asia Pacific Network for Children’s Health
Borneo Integrated Resources Development
Crescent Investment Company
CV Dredging
Eramet
Global Forest Watch
Indah Kiat Panen
Ismail Mohamed Ali Holdings

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