WASHINGTON, October 7, 2013 - The World Bank Group announced the debarment of Thang Long Infrastructure Development Joint Stock Company, a privately held company headquartered in Vietnam, and its affiliates for a period of 2.5 years following the company's acknowledgment of fraudulent practices. The company submitted misrepresented documents as part of the bidding process for the Trust Fund-financed Mekong Delta Region Urban Upgrading Project, the Second Northern Mountains Poverty Reduction Project and the Da Nang Sustainable City Development Project.
The debarment is part of a Negotiated Resolution Agreement (NRA) which acknowledges the company's cooperation. The 2.5 year-debarment came into effect on September 30, 2013. During this period, the company and its affiliates will not qualify for any contract financed by the World Bank Group. As part of the settlement, the company will also need to demonstrate full and satisfactory compliance with the World Bank Group Integrity standards.
"Fraud cases like this one represent an important area of investigations for the World Bank Group Integrity Vice Presidency," said Leonard McCarthy, World Bank Group Integrity Vice President. "At the Integrity Vice Presidency, we investigate fraud cases to ensure the credibility of technical assistance that our projects deliver as part of a sustainable and effective development solution."
Thang Long Infrastructure Development Joint Stock Company's debarment qualifies for cross-debarment by other MDBs under the Agreement of Mutual Recognition of Debarments that was signed on April 9, 2010.
