The World Bank has banned Kenyan IT firm, Techno Brain (Kenya) Limited over fraud in an Integrated Public Financial Management Reform Project in Liberia. This action also affects the firm’s United Arab Emirates-based parent company Techno Brain Global FZ-LLC.
According to reports, the Kenyan unit will remain banned from all World Bank-supported projects for 28 months. Meanwhile, the parent company will have its name on the blacklist for the next 10 months.
In a statement, the World Bank stated, “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 particular project that the tech firm was part of was designed to improve domestic revenue mobilisation systems in Liberia and strengthen financial control and accountability in public finances.
The facts of the case state that Techno Brain participated in an agreement to extract and alter private bidding documentation. This was done to influence the awarding of a contract in their favour.
World Bank says that the sanction for both units was agreed as a reduced period in light of the company’s cooperation and voluntary remedial actions.
“As a condition for release from sanction under the terms of the settlement agreement, the company commits to developing an integrity compliance program consistent with the principles set out in the World Bank Group Integrity Compliance Guidelines,” the statement adds on.