{"id":470106,"date":"2021-03-15T10:53:10","date_gmt":"2021-03-15T10:53:10","guid":{"rendered":"https:\/\/www.kapitalafrik.com\/?p=470106"},"modified":"2021-03-15T10:53:10","modified_gmt":"2021-03-15T10:53:10","slug":"african-development-bank-reprimands-mitsubishi-heavy-industries-ltd-for-objectionable-practice","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2021\/03\/15\/african-development-bank-reprimands-mitsubishi-heavy-industries-ltd-for-objectionable-practice\/","title":{"rendered":"African Development Bank reprimands Mitsubishi Heavy Industries Ltd. for “objectionable practice”"},"content":{"rendered":"
<\/div>

Abidjan, Ivory Coast, March 15, 2021 – The African Development Bank Group (“AfDB”) issued a sanction decision on February 2, 2021 against Mitsubishi Heavy Industries, Ltd. (“MHI”).<\/p>\n

This decision comes within the framework of the 1300 MW Abu Qir steam power plant project (hereinafter the “project”) in Egypt. On January 15, 2008, the Bank entered into a loan agreement with the Arab Republic of Egypt for the partial financing of the project, the overall objective of which was to improve the supply of electric power in Egypt. MHI, as a member of a consortium, submitted an offer and was awarded the contract.<\/p>\n

The African Development Bank believes that there is sufficient evidence to support the conclusion that it is more likely than not that MHI engaged in improper practices (misrepresentation) in connection with the tender Abu Qir and the implementation of the contract.<\/p>\n

In view of the above and in the absence of any aggravating circumstances, the AfDB has decided to issue a letter of reprimand against MHI in accordance with Section 11.2 (a) of the Bank Group Sanctions Procedures. African development.<\/p>\n

The Integrity and Anti-Corruption Office of the African Development Bank Group is responsible for the prevention, deterrence and investigation of allegations of corruption, fraud and other sanctionable practices in funded operations. by the African Development Bank Group.<\/p>\n

<\/div>","protected":false},"excerpt":{"rendered":"

Abidjan, Ivory Coast, March 15, 2021 – The African Development Bank Group (“AfDB”) issued a sanction decision on February 2, 2021 against Mitsubishi Heavy Industries, Ltd. (“MHI”). This decision comes within the framework of the 1300 MW Abu Qir steam power plant project (hereinafter the “project”) in Egypt. On January 15, 2008, the Bank entered<\/p>\n","protected":false},"author":527180,"featured_media":470107,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":{"pmpro_default_level":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[16158,12591,11996,12040,12046],"tags":[17435,12196,13039,17434,17436],"class_list":{"0":"post-470106","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-bank","8":"category-feature","9":"category-finance-en","10":"category-international-institutions","11":"category-leaders-en","12":"tag-objectionable-practice","13":"tag-african","14":"tag-african-development-bank","15":"tag-development","16":"tag-mitsubishi-heavy-industries-ltd","17":"post_format-post-format-aside","18":"pmpro-has-access"},"yoast_head":"\nAfrican Development Bank reprimands Mitsubishi Heavy Industries Ltd. for "objectionable practice" - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. 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