AML/FCPA: World Bank sues Korea’s Yooshin 2 companies: Fraud at Vanuatu Airport
AML/FCPA:
The World Bank banned South Korean engineering and construction companies on Wednesday for 13 months.
He said that he had committed fraud in a project in Vanuatu.
Seoul-based Yooshin Engineering Corporation:
is unable to participate in the World Bank Financing Project for 13 months.
FCPA violation:
Violated negotiating oversight services contracts at three major airports in Vanuatu.
He made a false disclosure, hiding the failure to employ two experts.
Those are fraudulent practices, the World Bank said.
The $60 million World Bank-funded Vanuatu Aviation Investment Project
was designed to improve the operational safety and oversight of international air transport and associated infrastructure in Vanuatu.
As a condition of the settlement,
Yooshin
acknowledged responsibility and took voluntary remedial actions.
The company agreed to develop an integrity compliance program and cooperate with the World Bank Group Integrity Vice Presidency.
After the thirteen-month debarment, Yooshin is subject to seventeen months of conditional non-debarment. During the conditional non-debarment, Yooshin will be eligible to participate in World Bank-financed projects.
Yooshin’s debarment qualifies for cross-debarment by
- the Asian Development Bank,
- the European Bank for Reconstruction and Development,
- the Inter-American Development Bank, and
- the African Development Bank.
The FCPA Blog