Following a seven month trial, Canadian company Acres International was convicted on two counts of bribing an official to secure contracts for the Lesotho Highland Water Project, which received financing from the World Bank. This ruling contradicted an earlier World Bank investigation which dismissed corruption claims due to lack of evidence. “We expect the Bank to disbar Acres now that they have been found guilty of corruption on a World Bank contract,” said Ryan Hoover of the Berkeley based International Rivers Network. Other companies will be tried soon.
World Bank & IMF in the news
Despite the World Bank’s commitment to move away from funding coal, a series of loopholes in its financial intermediary lending remain that will continue to allow finance to support coal power projects.