Dr Joseph Siaw Agyepong
The ban placed on Zoomlion Ghana Limited not to do any business with the World Bank has been lifted and so the company can now undertake transactions with the Bretton Woods Institution.
This follows the satisfaction of a number of some ethical demands by the World Bank, which compliance has further enhanced the status of the company.
The clearance came through a notification from the bank's headquarters in Washington DC. The financial institution has an elaborate integrity compliance regime, the breaching of which, no matter how minute, can lead to sanctions such as being restricted from engaging in any form of business with the bank.
With the positive development, the company and its many affiliates can apply and be considered for any projects within its purview of operations.
A release from the Group Sanctions Department and signed by its Integrity Compliance Officer, Jonathan Shapiro, announced that Zoomlion had complied with all its conditions and was accordingly cleared to do business with the Bretton Woods Institution.
The correspondence dated October 1, 2015 and addressed to Zoomlion's Executive Chairman read, 'Zoom Lion and the now released affiliates are currently (as of September 23, 2015) eligible to bid on and be considered for World Bank Group funded and/or administered projects.'
The company and its affiliates have been accordingly removed from the debarment list of the financial institution.
The company was linked to a bribery issue in Liberia in September 2013 – a development which led to the company suffering the sanctions.
It has been two years since that happened, during which the company could not bid for any contract being run by the bank in any part of the world.
In his reaction to the news, founder and CEO of the Jospong Group of Companies, Dr Joseph Siaw Agyepong, said the compliance regime had strengthened the company in the matter of ethics.
Companies the magnitude of Zoomlion are bound to experience challenges such as they did in Liberia.
The resolve of Dr Agyepong and his team to surmount the challenges they encountered has led them to where they are today.
- Joseph Siaw Agyepong
- Saved in newdaily as Dr. Joseph Siaw
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