PRESS RELEASE

World Bank Group Announces Settlement with Honeyomar Ventures Ltd

October 31, 2016

WASHINGTON, October 31, 2016 - The World Bank Group announced the debarment of Honeyomar Ventures Limited, following the company’s acknowledgment and cooperation with the World Bank’s Integrity Vice Presidency’s (INT) investigation of misconduct in a project in Africa. Under the Negotiated Resolution Agreement (NRA), the company acknowledged the submission of false audited financial statements in its bids for two contracts under a World Bank-financed infrastructure project in Nigeria.

Under the terms of the NRA, Honeyomar will be debarred for 18 months. The debarment of Honeyomar qualifies for cross-debarment by other MDBs under the Agreement of Mutual Recognition of Debarments that was signed on April 9, 2010.

Media Contacts
In Washington
Dina El Naggar
Tel : +1 (202) 473-3245
delnaggar@worldbank.org
Huma Imtiaz
Tel : (202) 473-2409
himtiaz@worldbankgroup.org

PRESS RELEASE NO:
2016/097/INT

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