The World Bank has lifted the three year ban imposed on Alstom Hydro France and Alstom Network Schweiz in February 2012, offering scope to the units and their affiliates for participating in bids organised for power projects financed by the bank.
The hydro power generating unit and Alstom Network Schweiz was banned for bribing Zambian officials over a World Bank-financed project.
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The entitlement was possible as the World Bank’s Integrity Compliance Office (ICO) found Alstom’s corporate compliance programme in line with the specified regulations.
The French corporation had worked over design and implementation of the programme for three years according to the terms of 21 February 2012 settlement with the World Bank.
Alstom was put under an independent compliance monitor, which guided it for the debarment along with ICO and Alstom’s Ethics & Compliance Department.
The compliance monitor, however, need not be implemented anymore, based on ICO’s conclusion which was influenced by Alstom’s 22 December 2014 plea agreement with the US Department of Justice.
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By GlobalDataThe debarment allows Alstom and its affiliates to take part in competition for projects which are financed by the World Bank or by those global institutions which have cross debarment agreements with it.
Besides the ban, the two Alstom units had also committed to pay $9.5m to the bank.
