World Bank looking into Hitachi contract

2015-10-08 22:25
iStock

iStock

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Johannesburg - The World Bank has confirmed that they will investigate any misuse of possible loans surrounding the controversial Hitachi contract for the Medupi power plant.

This comes after DA leader Mmusi Maimane wrote a loaded letter to the Integrity Vice President of The World Bank, Leornard McCarthy, requesting a full investigation into the involvement of Chancellor House - the ANC's investment arm - in the Hitachi contract.

The World Bank senior spokesperson in Southern Africa, Zandile Ratshitanga told News24 that The World Bank did not finance the Hitachi contract for the Medupi power plant because financing had already been available from other lenders.

"For projects financed by the World Bank Group we have an Integrity Vice Presidency that investigates allegations of fraud and corruption but that would apply only to project components that we have financed. The World Bank takes all allegations of fraud and corruption very seriously. Although the Hitachi contract was not financed by the World Bank, our Integrity Vice Presidency is assessing the matter to see whether any World Bank funds were put at risk,” she said.

While addressing more than 200 DA members outside the gates of Chancellor House on Thursday, Maimane said he was pleased with the decision by The World Bank. He said he had written to Public Protector Thuli Madonsela also in relation to Chancellor House.

In September, the US Securities and Exchange Commission announced that Hitachi had "inaccurately recorded improper payments" to the ANC in connection with contracts to build two multi-billion dollar power plants.

News24 previously reported that Hitachi was aware that Chancellor House was a funding vehicle for the ANC. The Commission's complaint was filed in the US District Court for the District of Columbia. Hitachi was charged with violating the Foreign Corrupt Practices Act.

At the time, ANC treasurer general Zweli Mkhize said: "The ANC categorically states that the organisation was not involved, implicated nor approached to answer on anything relating to the charges brought against Hitachi."

Read more on:    hitachi  |  anc

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

Inside News24

 
PARTNER CONTENT
INFOGRAPHIC: New thinking required for retirement

Everything we believe about retirement is fast becoming outdated.

PARTNER CONTENT
WATCH: How education can change a life

A university education gives students the chance to create a better future for themselves, their families and to opportunity achieve their dreams.

/News

Book flights

Compare, Book, Fly

Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.