AFRICAN DEVELOPMENT BANK BARS SEVERAL FORMER ALSTOM COMPANIES BECAUSE OF FRAUD AND BRIBERY COMMITTED ON 2 BANK-FINANCED PROJECTS IN EGYPT

A blog post on 25th March from The FCPA Blog claimed that the ADB had debarred several former Alstom companies now owned by GE Power for up to 76 months because of fraud and bribery committed on 2 projects in Egypt that were financed by ADB.  ADB said the offences occurred in 2006 and 2011, but GE Power acquired the former Alstom companies in 2015.  The companies affected are Alstom Egypt for Power Projects S.A.E. (based in Cairo), and German companies GE Power Systems GmbH and GE Power GmbH (formerly Alstom Power GmbH).  It also said that GE Power promised to collaborate with the African Development Bank’s Office of Integrity and Anti-Corruption “in the fight against corruption in the power generation and transmission sector”.

http://www.fcpablog.com/blog/2019/3/25/adb-debars-ge-power-units-tied-to-alstom-offenses.html

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: