World Bank Sanctions System Annual Report 2020
BLOMSTEIN successfully advised the deep-tech company Helsing in the Series B Financing Round and in the contract negotiations with the German Armed Forces for the FCAS
The World Bank Group (WBG) published its Sanctions System Annual Report Fiscal Year 2020 (FY20), covering the Bank’s actions from 1 July 2019 to 30 June 2020. According to the Annual Report, the Integrity Vice Presidency has started 46 new investigations and submitted 26 cases and 22 settlements to the Office of Suspension and Debarment (OSD). The OSD is headed by the Chief Suspension and Debarment Officer (SDO), who has temporarily suspended 30 ﬁrms and sanctioned 19 respondents via uncontested determinations. In FY20, seven ﬁrms and individuals were sanctioned by the Sanctions Board in six decisions arising from contested cases that can be found here.
Here are some interesting summaries of the Annual Report:
Five ﬁrms undertook to comply with the cooperation requirements and six ﬁrms continued to comply with the ongoing cooperation requirements of settlements from previous ﬁscal years. These 11 ﬁrms were obliged to hire an independent investigator to carry out 32 investigations.
66 investigations were still active at the end of FY20, 16 open for over 18 months, 11 for 12-18 months and 39 open for less than 12 months.
BLOMSTEIN constantly monitors the sanction activities of the World Bank and will continue to report on further developments. If you have any questions about the World Bank’s sanction system or that of any other Multilateral Development Bank, please don’t hesitate to reach out to Roland Stein or Bruno Galvão. Roland and Bruno will be more than happy to assist you.
_________________________** Debarments for a period of exactly X years are in the higher category (i.e., a 3-year debarment is in the category “3-4 years”).