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
EarthRights International examines how the Jam v. IFC case has helped to shift the landscape of accountability for international financial institutions by successfully challenging their claim to “absolute” immunity in US courts, potentially opening IFC up to further legal challenges in future.