Home Business World Bank Bans Kenyan Firm Over Fraud

World Bank Bans Kenyan Firm Over Fraud

KEY POINTS

  • The IT firm was banned for fraud in an Integrated Public Financial Management Reform Project in Liberia.
  • The case reveals that Techno Brain Kenya and Techno Brain UAE took part in an arrangement to obtain and edit confidential bidding to influence the awarding of a contract in their favor.

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The World Bank banned Kenyan tech firm – Techno Brain Limited as well as its United Arab Emirates (UAE) – based parent company Techno Brain Global FZ-LLC over fraud.

The IT firm was banned for fraud in an Integrated Public Financial Management Reform Project in Liberia.

The Kenyan firm will remain banned from World Bank-supported projects for the next 28 months while its parent firm will remain blacklisted for 10 months.

“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,” the statement by World Bank read.

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The project – the Public Financial Management Reforms for Institutional Strengthening is designed to improve the domestic revenue mobilization systems as well as strengthen the financial control and accountability in public finances.

The case reveals that Techno Brain Kenya and Techno Brain UAE took part in an arrangement to obtain and edit confidential bidding to influence the awarding of a contract in their favor.

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