World Bank debars former Abraaj executive over fraud
The World Bank has debarred a former Abraaj Group executive for two years over fraud related to a fund of the defunct private equity firm that was focused on investing in Turkey.
The Washington-based lender said Selcuk Yorgancioglu had been sanctioned over his ties to the Abraaj Turkey Fund I Project (ATFI).
As a result, Mr Yorgancioglu and any of the businesses he controls will not be eligible to participate in projects and operations financed by World Bank institutions during the two-year period.
The suspension is part of a settlement agreement that was negotiated with Mr Yorgancioglu, 55, “under which he admits responsibility for the underlying sanctionable practice and agrees to meet specified integrity compliance conditions for release from debarment”, the lender said.
It said the settlement demonstrated how the agreement and World Bank sanctions could be used to promote better business practices by people and companies engaged in private sector development projects.
Mr Yorgancioglu, who was appointed as co-chief executive in March 2018 for the restructuring process of Abraaj, declined to comment when reached by The National on Friday.
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