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China Wuyi says it 'regrets' World Bank ban

(Xinhua)
Updated: 2009-01-22 08:49

China Wuyi Co, one of the Chinese construction companies debarred from bidding for World Bank financed projects after being found to have colluded with three other firms over bidding for contracts, said on Wednesday that it could not accept and regretted the World Bank's punishment.

"We understand the World Bank's anti-fraud and anti-corruption stances, but we cannot accept the decision of punishment without the support of ample evidence and feel regretful about the bank's action," the company said in a notice.

The World Bank last Thursday said it found evidence of collusion among four Chinese and three local construction firms in the bidding for a Philippine road project.

The Chinese companies -- China Road and Bridge Corporation, China State Construction Engineering Corporation, China Wuyi Co Ltd and China Geo-Engineering Corporation -- are all State-owned.

The bank subsequently cancelled the tender for $33 million worth of contracts, and banned the firms from future tenders.

The Chinese government urged Friday the Bank to pass over details of the investigation.

China Wuyi Co said it had received the bank's notice of punishment, which decided to bar it from future tenders for the next six years.

China State Construction Engineering Corp was also barred for six years while China Road and Bridge Corp and China Geo-Engineering Corp were barred for eight years and five years, respectively.

According to China Wuyi Co, the World Bank financed projects accounted for 10 percent of the company's 2007 earning from international project contracts.

As the punishment would damage the reputation and future business of the company, it would preserve the right to appeal and take necessary measures through China International Contractors Association, the company said.

The company shares edged up 1.59 percent to 3.83 yuan.