The Board of Executive Directors of the International Finance Corporation (IFC) announced today that they have selected the global law firm Freshfields Bruckhaus Deringer to investigate the circumstances surrounding the Compliance Advisor Ombudsman’s (CAO) investigation of IFC’s investment in Bridge International Academies.
World Bank Group President Ajay Banga called for this probe in May after a CAO investigation revealed that IFC had received reports of child sexual abuse while invested in Bridge International Academies. The investigation also found that these allegations were not addressed as promptly or thoroughly as they could have been.
Freshfields will examine whether the CAO was fully able to execute its compliance investigation mandate. This includes determining if CAO had unrestricted access to necessary documents and information required for the Bridge investigation, as well as access to all relevant staff involved in or knowledgeable about the Bridge investment. Additionally, Freshfields will assess whether IFC staff and management cooperated fully with CAO as mandated by IFC policies.
Freshfields, an international firm known for its expertise in complex corporate, litigation, investigations, arbitration, and regulatory work, was chosen following a competitive search process.
CONTACT:
In Washington: David Theis, (202) 203-0601, dtheis@worldbank.org