• Wednesday, February 21, 2024
businessday logo

BusinessDay

AfDB bans S.A.R.L for 13 Months for fraudulent practices

AfDB unveils $2bn social global bond

The African Development Bank Group (AfDB) announced Friday that it has placed a 13-month ban on Société Bel Mabrouk Des Travaux et Investissements S.A.R.L., with the ban expected to take effect on April 11, 2023.

According to a statement issued by the development bank, it found Société Bel Mabrouk Des Travaux et Investissements S.A.R.L., which is a limited liability company registered under the laws of Tunisia, guilty of participating in fraud under the pretence of “a tender for the procurement of construction work for the Maroua-Bogo-Pouss, Bogo-Pouss section under the Transport Sector Support Programme Phase II in Cameroon.”

Read also: AfDB, Africa Fintech Network sign $525,000 deal to set up continental hub

The statement read, “The Transport Sector Support Programme is aimed at the rehabilitation of the Yaoundé Bafoussam-Babadjou road and the development of the Maroua-Bogo-Pouss and Grand-Zambi Kribi roads.

“During the debarment period, Société Bel Mabrouk Des Travaux et Investissements S.A.R.L. will be ineligible to participate in Bank Group-financed projects and activities. Additionally, the debarment qualifies for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions, including the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank, and the World Bank Group.

“At the expiration of the debarment period, Société Bel Mabrouk Des Travaux et Investissements S.A.R.L. will only be eligible to resume participation in African Development Bank Group-financed projects and activities after implementing an integrity compliance program consistent with the Bank’s guidelines.”