The World Bank has taken action against the Turkish company Aktif Elektroteknik San ve Tic A.S. after finding it involved in corrupt and fraudulent activities linked to a project in Iraq.
According to the World Bank, the company has been banned from its projects for at least one year and three months. After that period, the company can only return if it proves it has met the conditions set by the bank.
The case involves undisclosed payments made to public officials during the bidding process for a contract funded by the World Bank. These payments violated the bank’s rules against corruption and fraud in its procurement process.
The World Bank’s Sanctions Board said it reviewed all the details and factors before deciding on the penalty.
In short, the company will remain barred from World Bank projects until it meets the bank’s compliance requirements.
Click here to read full details of the case.
