World Bank announces settlement with China First Metallurgical Group
The World Bank Group has announced the three-year conditional non-debarment of China First Metallurgical Group Co (CFMCC) in connection with a fraudulent practice under the Hubei Xiaogan Logistics Infrastructure Project, in China.
CFMCC was sanctioned with conditional non-debarment, which means that it remains eligible to participate in projects and operations financed by institutions of the World Bank Group as long as it complies with its obligations under the settlement agreement.
The project was designed to enhance the connectivity and efficiency of the logistics operations of the Xiaogan Logistics Park, in Hubei Province. When competing for a contract financed by this project, CFMCC misrepresented its proposed project manager’s work experience, which is a fraudulent practice. The settlement agreement provides for a reduced sanction in light of the company’s voluntary disclosures, corrective actions, and restraint from bidding on Bank Group-financed contracts, and its cooperation.
