The World Bank debarred a Chinese fiber optic cable manufacturer and distributor
Wednesday, May 22, 2019 at 11:48AM
for 20 months for “fraudulent practices” involving a project in Zambia.
Nantong-based Jiangsu Zhongtian Technology Co., Ltd. (ZTT) is ineligible to participate in World Bank-financed projects during the 20-month debarment.
The $210 million Lusaka Transmission and Distribution Rehabilitation Project in Zambia was designed to improve the electricity transmission and distribution in the area.
ZTT
misrepresented its past contract experience by submitting falsified documents in its bid for the contract, which is a fraudulent practice, the World Bank said.
ZTT is listed
on the Shanghai Stock Exchange.
According to the company’s website, it employs over 15,000 people and ships products to 147 countries.
Wednesday’s debarment qualifies for cross-debarment by
the Asian Development Bank,
the Eu Bank for Reconstruction Development, the Inter-American Development Bank,
the African Development Bank.
The FCPA Blog
http://www.fcpablog.com/blog/2019/5/23/huge-social-agency-becomes-unlikely-compliance-leader.html