HA NOI (Biz Hub)— The World Bank Group announced the debarment of Ha Noi-based Thang Long Infrastructure Development Joint Stock Company and its affiliates for 2.5 years following the company's acknowledgement of fraudulent practices.

According to the bank's press release on Tuesday, 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 Mountainous Poverty Reduction Project and the Da Nang Sustainable City Development Project.

During the debarment, which takes effect this month, the company and its affiliates will not qualify for any contract financed by the World Bank.

The debarment is part of a negotiated resolution agreement that acknowledges the company's co-operation. It also qualifies for cross-debarment by other multilateral development banks under the 2010 Agreement of Mutual Recognition of Debarment.

"Fraud cases like this one represent an important area of investigations for the World Bank Integrity Vice Presidency (INT)," said Leonard McCathy from INT, which is responsible for preventing, deterring and investigating allegations of fraud, collusion and corruption in World Bank projects.

"At INT, we investigate fraud cases to ensure the credibility of technical assistance that our projects deliver as part of a sustainable and effective development solution."

When Viet Nam News contacted the company yesterday, a representative said that due to a commitment with the World Bank, there would be no comment from the company regarding the issue.

In 2011, the World Bank debarred another Vietnamese company – Social and Environmental Development JSC – and its managing director Nguyen Xuan Doan for five years for engaging in a scheme to defraud World Bank clients. — VNS