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World Bank debars Vietnamese company for fraud

The World Bank debarred a Vietnamese construction company Wednesday for two and a half years for a fraudulent practices connected to a project in Vietnam.

Newstech Trading and Investment Construction Joint Stock Company (Newstech)  is ineligible to participate in projects and operations financed by the World Bank Group during the 30-month debarment.

According to the World Bank, Newstech misrepresented its prior experience and submitted falsified documents on the qualifications of key experts, which are fraudulent practices.

The $220 million World Bank-funded project was designed to strengthen flood risk management capacity and improve wastewater management in the central catchment of Vinh Phuc province.

As part of the settlement, Newstech acknowledged responsibility and agreed to meet specified corporate compliance conditions as a condition for release from debarment. The agreement provides for reduced debarment because of the company’s  “cooperation and voluntary remedial actions,” the World Bank said.

The company also agreed to develop and implement an integrity compliance program reflecting the principles set out in the World Bank Group Integrity Compliance Guidelines and to continue cooperating with the World Bank Group Integrity Vice Presidency.

The debarment qualifies for cross-debarment by the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank, and the African Development Bank.

A list of all World Bank debarred entities and individuals is here.

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