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Legal & Compliance
Announcement on Sanction Imposed by World Bank Group
Time:2019-05-10   Browsing number :4440次

Recently, the World Bank Group (hereinafter referred to as “the World Bank”) announced a four-year sanction against us. The matter was initiated by a project office employee’s careless ommision at work at the site of Shandong Anqiu Biomass combined heat and power plant porject funded by the World Bank, where we acted as Contractor. We attach great importance to this matter. We have quickly conducted self-examination, actively cooperated with the World Bank in its audit and investigation by due explaination and communication. A negotiated resolution agreement with the World Bank was entered. Follow-up actions to appropriately deal with this matter is ongoing.

As one of the earliest large state-owned construction enterprises in China, we, over the last six decades, have undertaken thousands of large and medium-sized key projects at home and a large number of projects with significant influence in more than 40 countries and regions around the world, which has won praises from project owners and local people. However, we have never stopped self-improvement. We are strongly committed to providing high-quality services, prioritizing integrity and integrity-based management, and fulfilling corporate social responsibility. We have consistently abide by the laws, regulations, business practices, industry standards and ethics of China and countries and regions where we conduct business in activities related to market transactions, finance and taxation, safety and environmental protection, business partners, etc. and have been committed to establishing and implementing internal integrity compliance systems in a high-standard manner.

The cause of this matter is an unanticipated incident and a reproach to us. Therefoere, we particularly request all our employees to learn a lesson from this matter, keep our business philosophy of “integrity-centered management, high-quality services ” firmly in mind, strictly abide by the current laws, regulations and our internal bylaws, and avoid the try-your-luck mentality so as not to cause any damage to our long-established good corporate image of integrity, compliance, and honest for the sake of short-term interests from improper projects.

From the perspective of long-term sustainable development, this matter also brings us the opportunity to strengthen our compliance management. We will continue to actively cooperate with the World Bank to further sort out our compliance rules, organize compliance training for employees, and establish and improve a complian management system in line with World Bank standards.

Integrity- and compliance-centered management is the cornerstone of a company's survival and development; continuous building and improving a compliance system is a long-term task. We will stay confidant and strive for the goal of becoming an modern engineering construction enterprise group with international competitiveness.

 

 

                     China Machinery Industry Construction Group Inc.   

                            July 27, 2018

 


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