Developed By: iNFOTYKE
ADB sanctions 42 firms for corruption
Manila: The Asian Development Bank (ADB) said in a report released on Monday that it sanctioned 42 firms and 38 individuals for engaging in corrupt practices while implementing projects financed by the Manila-based lender last year.
ADB said it also barred 57 firms and 51 individuals from seeking ADB-financed contracts as part of a cross debarment agreement it forged with four other multilateral lending institutions, Xinhua reported.
The Office of Anti-Corruption and Integrity (OAI) of the ADB reported that it received 240 complaints and opened 114 new investigations in 2012.
The bulk of the complaints involved fraudulent misrepresentations about qualifications, experience, and technical capabilities of consulting firms, contractors, and individuals seeking work from ADB.
The Manila-based lender said it has toughened measures to battle fraud and corruption as complaints reached a new annual high in 2012.
ADB piloted project procurement-related spot reviews aimed at strengthening monitoring and compliance.
The OAI also provides substantial support and advice to management and project teams on issues relating to integrity, money laundering, and financing of terrorism risks, particularly for its public and private sector projects. (IANS)