World Bank debars unit of listed Singapore company for concealing agent’s commission
The World Bank
debarred a Singapore marine equipment supplier Wednesday for six months for misrepresentations in bidding documents connected to a project in Bangladesh.
Jason Electronics (Pte) Ltd.
failed to disclose its agreement to pay a commission and fee to a local agent.
a fraudulent practice
That was “a fraudulent practice as defined in the World Bank Group Procurement Guidelines,” the World Bank said.
Jason Electronics
is a wholly owned subsidiary of Jason Marine Group Limited. Jason Marine is listed on the Singapore stock exchange. It specializes in providing marine communications and navigation systems.
During the six-month debarment,
Jason Electronics is ineligible to participate in projects and operations financed by the World Bank Group.
“The settlement agreement provides for a reduced period of debarment in light a fraudulent practice of the company’s cooperation and voluntary remedial actions,” the World Bank said.
The company
acknowledged “responsibility for the underlying sanctionable practice” and agreed to meet specified corporate compliance conditions in order to be released from debarment.
The Urban Resilience Project in Bangladesh
was designed to help government agencies deal with natural disasters in Dhaka and Sylhet.
The World Bank financed about 95 percent of the $182 million project.
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