The World Bank has imposed fresh sanctions on SMEC, a company owned by Subana Jurong for improper buddings and kickback.
SMEC will no longer be allowed to do development work in Bangladesh, India and Sri Lanka for as long as two and a half years.
SMEC subsidiaries are under investigation for misrepresentation in bids put in for aid work.
In September the World Bank made an announcement from Washington D. C. concerning the debarring of Melbourne-based SMEC International, along with four of its subsidiaries in Bangladesh, India and Sri Lanka.
The company had been under investigation for misconduct in this region. This debarment removes the companies’ eligibility to receive contracts funded by the World Bank, with sanctions ranging from six months to two and a half years.
The World Bank spends US $150 million year in financing aid projects in developing countries.
Proof has been found that the company made improper payments in projects financed by the World Bank in Bangladesh and Sri Lanka, as well as false representations concerning requirements for bidding for initiatives in India and Sri Lanka.
Purchased in 2016 for $400 million by Surbana Jurong, a company based in Singapore, SMEC had its beginnings when it built the Snowy Mountains hydroelectric scheme in 1949. It started out as the Snowy Mountains Engineering Corporation, reports The Independent.
