Information Technology firm Techno Brain Global FZ-LLC and its Kenyan affiliate have been banned from conducting business with the World Bank over fraudulent activities in the Integrated Public Financial Management (PFM) Reform Project in Liberia.
The Kenyan unit, Techno Brain Kenya Limited, will remain blacklisted from World Bank supported projects for 28 months while its parent company, UAE based Techno Brain Global FZ-LLC, will remain blacklisted for 10 months.
“The debarments make Techno Brain Kenya and Techno Brain UAE ineligible to participate in projects and operations financed by institutions of the World Bank Group. It is part of a settlement agreement under which the companies acknowledge culpability and responsibility for the underlying sanctionable practices and agree to meet specified corporate compliance conditions as a condition for release from debarment,” the World Bank said in a statement.
The multi-million-dollar project, since renamed as the Public Financial Management Reforms for Institutional Strengthening, was designed to improve domestic revenue mobilisation systems and strengthen financial control and accountability in public finances through IFMIS – Integrated Financial Management Information Systems.
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The World Bank found evidence and facts that Techno Brain Kenya and Techno Brain UAE had engaged in an arrangement to obtain and edit confidential bidding documentation so as to influence the awarding of a contract in their favor.
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