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EBRD Debars GE Power of Sweden for 6 Years

Power News - Published on Tue, 03 Dec 2019

Image Source: ebrd.com
The European Bank for Reconstruction and Development has imposed a six-year term of debarment on GE Power Sweden AB following an investigation in cooperation with the Serious Fraud Office of the UK. The six-year debarment means that GE Power Sweden will not be eligible to be a Bank Counterparty from 27 November 2019 until 26 November 2025. The EBRD’s Office of the Chief Compliance Officer will also submit debarment of GE Power Sweden to the World Bank, the African Development Bank, the Asian Development Bank, and the Inter-American Development Bank, so that this entity is also debarred by these multilateral development banks.

The investigation relates to a project to install flue gas desulphurisation units at the Lithuanian Power Plant, a project financed by donor funds administered by the EBRD. The investigation found that, from as early as 2002, representatives of Alstom Power Sweden AB, a predecessor company to GE Power Sweden, had conspired with another Alstom entity to manipulate the technical specifications for the FGD contract in their favour by making payments to Lithuanian government officials.

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Posted By : Rabi Wangkhem on Tue, 03 Dec 2019
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