Finance

African Development Bank issues Letter of Reprimand to Mitsubishi Heavy Industries Ltd. for sanctionable practice

African Development Bank issues Letter of Reprimand to Mitsubishi Heavy Industries Ltd. for sanctionable practice
Monday, 15 March 2021 09:52

The African Development Bank Group (“AfDB”), on 2 February 2021, issued a sanction decision against Mitsubishi Heavy Industries, Ltd. (“MHI”).

This matter arises in the context of the Abu Qir 1300 MW Steam Power Project (hereinafter referred to as the “Project”) in Egypt. On 15 January 2008, the Bank entered into a loan agreement with the Arab Republic of Egypt to finance part of the Project which had a broad objective of improving the electricity supply in Egypt. MHI, as part of a consortium, submitted a bid and was awarded the contract.

The African Development Bank considers there is sufficient evidence to support a finding that it is more likely than not that MHI engaged in sanctionable practices (misrepresentation) in the context of Abu Qir tender and contract implementation.

In consideration of the above and in the absence of any aggravating factor, AfDB decided to issue a Letter of Reprimand against MHI in line with Section 11.2 (a) of the Sanctions Procedures of the African Development Bank Group.

About the Office of Integrity and Anti-Corruption

The Office of Integrity and Anti-Corruption of the African Development Bank Group is responsible for preventing, deterring and investigating allegations of corruption, fraud and other sanctionable practices in Bank Group-financed operations. For more information visit https://www.afdb.org/en/about-us/organisational-structure/integrity-and-anti-corruption/
African Development Bank staff and the general public can use secured hotlines to report sanctionable practices within the Bank or operations financed by the Bank Group.

Secured telephone: +1 (770) 776-5658
Secured email server: investigations@iacd-afdb.org

Mail correspondence should be marked “CONFIDENTIAL” and sent to:

African Development Bank
Office of Integrity and Anti-Corruption

Immeuble du Centre de commerce International d’Abidjan CCIA

Avenue Jean-Paul II

01 BP 1387

Abidjan 01, Côte d'Ivoire

logo bad

On the same topic
Speedinvest, the Vienna VC firm, opened its first dedicated MEA fund last week, anchored by EIB Global, Mubadala and Qatar Investment...
Funding targets financial inclusion through Morocco’s insurance sector Program focuses on underserved populations, including women and...
Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took over Servair's Ivorian fast-food business hours...
Bank of Africa Senegal Q1 profit rises 9.7% to 5.7bn CFA Revenue and interest income growth drive higher operating income Loans, deposits...
Most Read
01

Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...

Enko Capital Buys Burger King Côte d’Ivoire in Servair Restructuring
02

From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to ...

Weekly Health Update | Vaccination Gains Advance in Africa; Antimalarial Resistance Threatens Progress
03

(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...

EBID makes giant strides for a green transition in west africa
04

As the Japanese automaker faces global headwinds, it is doubling down on its operations in Egypt, ai...

From South Africa to Egypt: Why Nissan is reshaping its African strategy
05

Mobile phones have become essential tools for work, education, payments and staying connected across...

EU Mandates Removable Phone Batteries. What It Means for Africa’s Device Market 
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.