World Bank debars South Asian power transmission company
The World Bank
debarred an Indian power transmission company Wednesday for a year and a day for fraud involving projects in the Democratic Republic of the Congo and Egypt.Kalpataru Power Transmission Ltd. (KPTL)
During the debarment, Gujarat-based Kalpataru Power Transmission Ltd. (KPTL) and 12 global subsidiaries are ineligible to participate in World Bank-financed projects.
World Bank-funded project in the DRC
The $252.5 million World Bank-funded project in the DRC was designed to facilitate further development of an efficient power market in Southern Africa. In Egypt,
the $796 million World Bank-funded project was intended to develop infrastructure and business models for scaling-up wind power.
According to the World Bank, KPTL
omitted the disclosure of intended payments to third parties when submitting bids for the two projects, which is considered a fraudulent practice under the World Bank Consultant Guidelines.
According to KPTL’s website,
the company has operations in over 50 countries.Linjemontage i Grästorp AB.
Last year, KPTL acquired most of a Sweden-based power transmission company, Linjemontage i Grästorp AB.
Wednesday’s debarment also covered Linjemontage i Grästorp.
The FCPA Blog
https://fcpablog.com/2020/10/07/world-bank-debars-south-asian-power-transmission-company/