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World Bank: FreeBalance faces six-month debarment

Jaclyn Jaeger | November 14, 2017

The World Bank Group announced the debarment for six months of FreeBalance, a Canadian provider of financial-management-related software, connected to sanctionable misconduct under the Integrated Financial Management Information System Project for Liberia.

The debarment, which precludes the company from participating in World Bank-financed projects, is part of a Negotiated Resolution Agreement (NRA) under which the company did not contest a fraudulent practice of failing to disclose the identity and payment terms of a local agent in Liberia. The NRA provides for a reduced period of debarment in light of the company’s voluntary corrective and remedial actions.

FreeBalance’s six-month debarment will be followed by a further period of conditional non-debarment of up to twelve months. During this period, FreeBalance will resume being eligible to... To get the full story, subscribe now.