Statement from CCCC on World Bank Debarment

Statement from CCCC on World Bank Debarment

CCCC initiated discussions with the World Bank to arrive at a resolution of the issue.

At the time of the debarment in January 2009, the sanction was imposed on CRBC and not on CCCC or any other subsidiary of the company.  The designation of CCCC and its related companies under the debarment came about in July 2011, based on changes made at that time to the World Bank system which prescribed that successor organisations would be subject to the same sanctions applied to the original firm.

In January 2009, CCCC as a joint stock limited company issued a full statement on the matter to the Hong Kong Exchange.
Over the past years CCCC and the World Bank affiliate, the International Finance Corporation (IFC), have become shareholders in an Asian investment fund.
CHEC operates successfully worldwide in accordance with the laws and regulations of countries and maintains the highest ethical standards of integrity and corporate governance.

As recognised by the World Bank itself, the Government of the People’s Republic of China has passed several laws which hold companies organised under Chinese law such as CCCC and CHEC, to the highest anti-corruption standards. CHEC’s overseas operations continue to abide by these very high standards.

Zhongdong Tang
Regional Director – Latin America, CHEC

JUNE 5, 2012
Contact: Jennifer Armond- 876 884 0710