Friday, September 20, 2013

Canada tops World Bank blacklist: Reports

A published report says Canada is the leading country on the World Bank’s just released blacklist for fraud and corrupt conduct.

A story in the Business section states:

"The number of companies on the list has soared this year, according to The South China Morning Post. The Post reports that of the 608 companies named, 119 have head offices in Canada. That puts Canada in first place, well ahead of the second place U.S. (44).

"Scandal-plagued engineering giant SNC-Lavalin is one of the biggest names on the list. It was sanctioned by the World Bank earlier this year in the wake of a bribery scandal in Bangladesh. The RCMP has charged its former senior executive Kevin Wallace with bribery of a foreign public official, the Canadian Press reports.

"The charge reportedly relates to an investigation into a contract for construction of the Padma Multipurpose Bridge in Bangladesh.

"Zulfiquar Ali Bhuiyan, a Canadian citizen, and Abul Hasan Chowdhury, of Bangladesh, have also been charged with one count each. The charges are part of an ongoing investigation that has also led to charges against two other former SNC employees.

"Blacklisted companies are typically barred from participating in World Bank projects for several years, the Post reports.

"An organization that provides financial and technical assistance to developing countries, World Bank projects include international aid and infrastructure."

Editor's note:
According to the FINANCIAL POST: "Of the more than 600 companies now listed as barred from doing business with the World Bank over corruption...115 represent SNC-Lavalin and its subsidiaries."

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Jai & Sero

Jai & Sero

Our family at home in Toronto 2008

Our family at home in Toronto 2008
Amit, Heather, Fuzz, Aj, Jiv, Shiva, Rampa, Sero, Jai