World Bank blacklists anonymous UK firm acting ‘fraudulently’
- The World Bank has blacklisted an anonymously owned UK shell firm after exposing “fraudulent practices” in an emergency medical aid programme.
- In the latest blow to the reputation of British corporate governance, the lender has banned Edinburgh-registered NovoLine Resources LP from bidding in its procurement processes for three and a half years.
- The move came after an investigation into contracts the firm won to supply vital equipment to Uzbekistan’s health ministry.
- Officials at the World Bank, which was funding the purchases, found that NovoLine Resources had submitted fake documents, including false financial statements and a false past sales contract to supply similar kit.