World Bank debars Vietnamese firm for alleged fraud

Thanh Nien News

Email Print

A waste water treatment project conducted by SFC Vietnam Investment Development for Environment Corporation in Vietnam. Photo from the company's website A waste water treatment project conducted by SFC Vietnam Investment Development for Environment Corporation in Vietnam. Photo from the company's website

RELATED NEWS

The World Bank has debarred a Vietnamese waste water treatment company for 10 years for alleged fraudulent and collusive practices in two projects that it has funded.
The Washington-based development lender said in a statement late last week that SFC Vietnam Investment Development for Environment Corporation and its affiliates will be debarred for a minimum of 10 years while its General Director, Nguyen Phuong Quy, and any entity that he directly controls will be debarred for a minimum of 11 years.
According to the bank, the debarment is based on evidence of fraudulent and collusive practices under the Project Preparation Technical Assistance Facility and the Da Nang Priority Infrastructure Investment projects. The former is aimed to increase the capacity of government entities to plan and prepare public investments efficiently.
Its investigation revealed the company provided "false experience-related documentation to an international bidder while cooperating with an international firm in preparing a fraudulent financial proposal, suppressing a conflict of interest and coordinating bids with an international competitor for a works contract."
Last February, the bank also debarred American architectural and engineering design firm Louis Berger Group, Inc. for one year for allegedly bribing government officials under two projects worth around US$500 million in Vietnam.

More Business News