The World Bank has debarred a Vietnamese company from bidding for projects it funds for two and a half years for engaging in fraudulent practices.
The debarment of Thang Long Infrastructure Development Joint Stock Company, a private firm based in Hanoi, and its affiliates was announced in a statement released by the bank Tuesday after the company admitted to fraud.
Thang Long had falsified documents while bidding for the Mekong Delta Region Urban Upgrade Project, the Second Northern Mountains Poverty Reduction Project, and the Da Nang Sustainable City Development Project, the statement said.
The company will also need to demonstrate full and satisfactory compliance with the bank's integrity standards.
"Fraud cases like this one represent an important area of investigations for the World Bank Integrity Vice Presidency," said Leonard McCarthy, World Bank Integrity Vice President. "At the Integrity Vice Presidency, we investigate fraud cases to ensure the credibility of technical assistance that our projects deliver as part of a sustainable and effective development solution."
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