Kenyan IT firm Techno brain has been banned from all world bank supported projects.
Techno Brain has been accused of fraud after a financial management meeting was had in Liberia. The Kenyan unit will no longer have accessibility to World Bank financial aid for the next 28 months. This will gravely affect the United Arab Emirates parent company Techno Brain Global FZ-LLC. The parent company will be on the blacklist for 10 months which is a lot less than the time given to the Kenyan company.
The World Bank stated:
The debarments make Techno Brain Kenya and Techno Brain UAE ineligible to participate in projects and operations financed by institutions of the World Bank Group. It is part of a settlement agreement under which the companies acknowledge culpability and responsibility for the underlying sanctionable practices and agree to meet specified corporate compliance conditions as a condition for release from debarment.”
Techno Brain was working on a project in Liberia that was meant to improve domestic revenue mobilization systems. The project was meant to strengthen public finances and improve financial control. Techno Brain agreed to alter documents that would favour them to get a contract.
Due their malpractice and disobedience, World Bank placed sanctions on both company and agreed to reduce the punishment based on their cooperation. agreed
Related posts
