World Bank debars German oil and gas contractor
The World Bank
debarred a German construction and engineering company that serves the oil and gas industry Wednesday
for thirteen months for a fraudulent practice connected to a project in Myanmar.
Ferrostaal Oil & Gas GmbH
acted as the Myanmar-based partner of another company and as an agent to prepare a bid for a contract.
Ferrostaal Oil & Gas’ local representative and managing director
instructed the partner company not to disclose the agreed commission to be paid to Ferrostaal Oil & Gas in the initial bid.
Ferrostaal Oil & Gas did not correct this omission in a later amendment to the contract.
During the thirteen-month debarment, Ferrostaal Oil & Gas
is ineligible to participate in projects and operations financed by the World Bank Group.
The $100 million World Bank-funded Ayeyarwady Integrated River Basin Management Project
was designed to strengthen integrated, climate-resilient management and development of the Ayeyarwady River.
Ferrostaal Oil & Gas
is one of five operating units of the Ferrostaal Group, a German industrial services company that develops projects and provides engineering, procurement, and construction services. The group has around 200 employees globally, according to its website.
The FCPA Blog
https://fcpablog.com/2021/02/24/world-bank-debars-german-oil-and-gas-contractor-for-fraud/