The European Bank for Reconstruction and Development (EBRD) has imposed a six-year term of debarment on GE Power Sweden AB following an investigation in cooperation with the Serious Fraud Office of the UK.
The six-year debarment means that GE Power Sweden will not be eligible to be a Bank Counterparty from 27 November 2019 until 26 November 2025.
The EBRD’s Office of the Chief Compliance Officer (OCCO) will also submit debarment of GE Power Sweden to the World Bank, the African Development Bank, the Asian Development Bank, and the Inter-American Development Bank, so that this entity is also debarred by these multilateral development banks.
The investigation relates to a project to install flue gas desulphurisation (FGD) units at the Lithuanian Power Plant, a project financed by donor funds administered by the EBRD.
The full original article can be found at ebrd.com