⁍ The action bars China Electric Design and Research Institute Co Ltd from participating in bank financed projects for up to 18 months.
⁍ The firm’s parent company, China National Electric Engineering Co Ltd, was allowed to continue to participate in projects under a settlement agreement.
– The World Bank has banned a Chinese state-owned engineering group and its subsidiary from participating in bank-financed projects for 18 months over fraudulent practices in a power project in Zambia, Reuters reports. China Electric Design and Research Institute Co Ltd and its parent company, China National Electric Engineering Co Ltd, were accused of defrauding the bank to the tune of $200 million in a power project in Zambia. The company was allowed to continue to participate in projects under a settlement agreement, but could be banned if it fails to meet agreed conditions.
Source: https://www.reuters.com/article/worldbank-china/world-bank-sanctions-chinese-engineering-firms-in-zambian-power-project-idUSL1N2HJ1HV