|
|
|
|
|
HONG KONG, Oct 2, 2011 - (ACN Newswire) - Recently, the World Bank Group's Sanctions Board indicated in a resolution statement, that China First Metallurgical Construction Group Corporation Ltd ("CFMCGC") had fraudulent misconduct in the Dhaka Urban Transport Project in Bangladesh. The World Bank has barred CFMCGC from participating bank-financed contracts for three years. In this statement, CFMCGC together with another Turkey's construction company were barred from submit tender to bank's contract. A reporter has interviewed a responsible person of CFMCGC accordingly.
Firstly, CFMCGC has reservations to the penalty. CFMCGC had appealed to the query by the World Bank in January and March 2011 respectively, but they had not been adopted by the World Bank.
CFMCGC stated that, the Mohakhali Flyover project in Bangladesh that involved in the resolution was obtained by CFMCGC in accordance with strict tendering procedures released by the World Bank, accompany with pre-audit of qualification and open bidding in early 2001. The contract amount is US$20,700,000. The approximately three year's construction project had finished (from the end of 2001 to November 2004) and the flyover is in good condition. It was also awarded an Achievement Award by the local government. The controversial part was the shock absorbing device STU installed under the flyover in the early stage did not meet the standard of the World Bank in terms of regulations of installation and construction. The World Bank therefore queried and imposed the penalty. CFMCGC had reservations regarding the penalty.
CFMCGC said the revenue from overseas project has contributed to approximately 6.5% of the total revenue in the past three years. And for the last ten years, CFMCGC has contracted only one World Bank project, which was the Mohakhali Flyover project in Bangladesh.
Although CFMCGC had reservations regarding the decision of imposing penalty by the World Bank, CFMCGC had learned and inspired from it. From now on, CFMCGC will seriously manage the progress of oversea projects, manage them strictly in accordance with the host and international specifications and continue to develop overseas markets actively.
Topic: General Announcement
Source: China First Metallurgical Group Corporation Ltd
Sectors: Daily Finance, Real Estate & REIT, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
