On February 22 2012, the World Bank Group announced the debarment of Alstom Hydro France and Alstom Network Schweiz AG (Switzerland) - in addition to their affiliates - for a period of three years following Alstom’s acknowledgment of misconduct in relation to a Bank-financed hydropower project.
The debarment is part of a Negotiated Resolution Agreement between Alstom and the World Bank which also includes a restitution payment by the two companies totaling approximately $9.5 million.
Read the World Bank press release
Alstom is a Global Compact participant since 2008/03/18. It is a Member of the Working Group on the 10th Principle. Alstom was also a Gold contributor to the Foundation for the Global Compact in 2011.
Showing posts with label Zambia. Show all posts
Showing posts with label Zambia. Show all posts
Sunday, March 11, 2012
French energy giant Alstom fined for bribery in relation to Zambian hydropower project
The World Bank has slapped a $9.5-million fine on the Alstom corporation, involved in the South African nuclear industry, and blacklisted two of its subsidiaries after it admitted to bribing a senior Zambian government official. The World Bank fine was imposed after Alstom admitted to an "improper payment" of €110 000 to the official for "consultancy services" when the company submitted a bid to perform bank-funded rehabilitation work on hydropower systems at Victoria Falls.
More on Mail and Guardian online
Alstom is a Global Compact participant since 2008/03/18. It is a Member of the Working Group on the 10th Principle. Alstom was also a Gold contributor to the Foundation for the Global Compact in 2011.
More on Mail and Guardian online
Alstom is a Global Compact participant since 2008/03/18. It is a Member of the Working Group on the 10th Principle. Alstom was also a Gold contributor to the Foundation for the Global Compact in 2011.
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