News & what's on - Written by on Monday, August 1, 2011 0:10 - 2 Comments

Successor liability and World Bank debarment: China Communications Construction Company (CCCC) Limited debarred

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The World Bank announced on Friday that it had debarred China Communications Construction Company (CCCC) Limited, and all its subsidiaries until January 12, 2017.  The debarment resulted from fraudulent practices under Phase 1 of the Philippines National Roads Improvement and Management Project.

CCCC is ineligible to engage in any road and bridge projects financed by the World Bank Group.

The World Bank recently clarified its sanctions regime to enure that successor organizations – through purchase or reorganization – will be subject to the same sanctions applied to the original firm.

CCCC is the designated successor entity to China Road and Bridge Corporation (CRBC) which was debarred by the World Bank for eight years, beginning January 12, 2009.

This latest enforcement action brings to 31 the number of individuals or entities which have suffered debarment by the World Bank since the beginning of the year in a list which includes French and Belgian names as well corporates in emerging markets.

We reported in May this year that China has been strengthening its approach to dealing with governance and corruption. Earlier this year China amended the country’s criminal law to make it an offence for Chinese companies and Chinese nationals to bribe foreign government officials.

Under the 2010 Agreement for Mutual Enforcement of Debarment Decisions the Debarment will take effect with the African Development Bank, The European Bank for Reconstruction & Development, the Asian Development Bank, The Inter-American Development Bank and the World Bank Group.

 

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Successor liability and World Bank debarment: China Communications … | NGO Dirrectory
Aug 1, 2011 2:36

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Successor liability and World Bank debarment: China Communications … | Business News- Market News- tweets
Aug 1, 2011 6:43

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