Issue Number 101,
dated 7 Aug 2006
The World Bank has announced that companies that have defrauded it in the past can bid on future work if they admit what they have done and promise to abide by the rules in future.
World Bank head Paul Wolfowitz said that the aim of the measure was to prevent and deter corruption in the future. He said: "The private sector as a whole stands to lose when corruption is pervasive and the rule of law is undermined."
Around 330 companies have been barred from working on World Bank projects following investigations over fraud, and corruption has been a widespread problem with projects in certain developing countries such as Cambodia.
World Bank head Paul Wolfowitz said that the aim of the measure was to prevent and deter corruption in the future. He said: "The private sector as a whole stands to lose when corruption is pervasive and the rule of law is undermined."
Around 330 companies have been barred from working on World Bank projects following investigations over fraud, and corruption has been a widespread problem with projects in certain developing countries such as Cambodia.
1 comment:
It seems the world is short of decent and ethical companies that want to do business with World Bank.
Or is it the case of "He that has to do with what is foul, never comes away clean".
BB
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