The World Bank announced on October 8 the debarment of Thang Long Infrastructure Development Company for fraudulent practices relating to development projects in East Asia.
As per the WB’s decision, Thang Long Infrastructure Development Company, a privately held company headquartered in Vietnam and its affiliates, will be debarred for a period of 2.5 years following the company’s acknowledgment of fraudulent practices.
According to WB, the company submitted misrepresented documents as part of the bidding process for the Trust-Fund financed Mekong Delta Region Urban Upgrading Project; the Second Northern Mountains Poverty Reduction Project; and the Da Nang Sustainable City Development Project.
The debarment is part of a Negotiated Resolution Agreement (NRA) which acknowledges the company’s cooperation. The 2.5 years debarment came into effect on October 2013. During this period, the company and its affiliates will not qualify for any contract financed by the World Bank Group.
As part of the settlement, the company will also need to demonstrate full and satisfactory compliance with the World Bank Integrity standards.