Wakachiku suspended from ODA projects<\/p>\n
TOKYO (Dow Jones): Japan's foreign ministry said Friday it has
\nsuspended Wakachiku Construction Co. and an unlisted company from
\nreceiving orders for Official Development Assistance, or ODA,
\nyen-loan projects, starting today.<\/p>\n
The ministry said it meted out the punishment because
\nWakachiku submitted a false report to the Indonesian government
\nin connection to a 5.25 billion yen (about US$426,800) ODA
\nproject in Indonesia.<\/p>\n
Although the ministry didn't reveal the nature of the false
\nreport, an official at the Japan Bank of International
\nCooperation, or JBIC, said Wakachiku reported one of the people
\nwho were sent to Indonesia had \"retired\" from the company, even
\nthough this person was still receiving money from Wakachiku.<\/p>\n
Furthermore, this person was assigned as a consultant to the
\n5.25 billion yen ODA project in Indonesia, which violated ODA
\nguidelines that require project consultants to be fully
\nindependent from companies that bid on projects.<\/p>\n
JBIC is one of the Japanese government's affiliated banks that
\nprovides ODA financing.<\/p>\n
As part of the ministry's penalties, Wakachiku will be
\nprohibited from receiving orders for ODA's yen-loan projects for
\ntwo months beginning today.<\/p>\n
The unlisted firm, called \"Japan Port Consultant,\" will be
\nprohibited from getting orders for ODA's yen-loan projects for
\none month starting today, the ministry said.<\/p>\n
Wakachiku shares fell as much as 2.8 percent before finishing
\nunchanged at 106 yen in Tokyo trading Friday.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/wakachiku-suspended-from-oda-projects-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}