The World Bank has released Alstom Hydro France from debarment, which opens up scope for the hydropower generating unit of the French manufacturer to compete for projects financed by the World Bank.
The ban has also been lifted from Alstom Network Schweiz, and their affiliates, Alstom said.
World Bank’s Integrity Compliance Office (ICO) has acknowledged that Alstom has implemented a corporate compliance programme, which is in line with the bank’s rulings.
Alstom has improved the design and implementation of its compliance programme over three years to meet all the conditions specified in the 21 February 2012 settlement with the financial institution.
ICO, Alstom’s Ethics & Compliance Department, and the independent compliance monitor had steered the company into obtaining the World Bank clearance.
As per Alstom’s 22 December 2014 plea agreement with the US Department of Justice and based on the ICO’s latest conclusion, Alstom need not engage any compliance monitor.
According to the approved entitlement, the firm and its affiliates can resume competing for projects which are either financed by the World Bank or by other global institutions having cross debarment agreements with the bank.
The World Bank had barred two of Alstom’s subsidiaries for three years over charges of bribing Zambian officials for a World Bank-financed project.
These units had committed themselves to pay $9.5m to the financial body.
In November 2011, Alstom was asked in Switzerland to pay a fine of €42m over bribery charges for securing commercial contracts in three countries, including Indonesia.