African Development Bank debars Goldsun Investments Company Limited for 24 months for Fraudulent Practices
10-05-2023 09:12:31 | by: Marlene Mutimawase | hits: 1387 | Tags:

The African Development Bank Group to announce a 24-month debarment of Goldsun Investments Company Ltd. with effect from 31 January 2023. Goldsun Investments Company Ltd. is a limited liability company registered in the Republic of Kenya.

An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that Goldsun Investments Company Ltd. engaged in fraudulent practices during a tender for the dualling of the 84 km Kenol-Sagana-Marua highway, Lots 1 and 2, components of the Kenol-Sagana-Marua Highway Improvement Project.

The Kenol-Sagana-Marua Highway Improvement Project is part of the Kenyan section of the Trans-Africa Highway (Cairo to Cape) and is expected to enhance the movement of goods and services, as well as people between the counties in Central and Eastern Kenya on the one part, and the capital city, Nairobi, on the other part.

During the debarment period, Goldsun Investments Company Ltd. will be ineligible to participate in Bank Group-financed operations 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, Goldsun Investments Company Ltd. will only be eligible to resume participation in African Development Bank Group-financed operations and activities after it implements an integrity compliance program consistent with the Bank’s guidelines.

The Office of Integrity and Anti-Corruption of the African Development Bank Group is responsible for preventing, deterring and investigating allegations of corruption, fraud and other sanctionable practices in Bank Group-financed operations.