The World Bank Group has announced an 18-month debarment with conditional release for GenKey Solutions B.V., a company based in the Netherlands. This decision comes as a result of GenKey's involvement in fraudulent practices connected to the Social Safety Nets Project in Liberia, which began in 2017.
The project aimed to create foundational elements for a national safety net system and provide financial support to extremely poor and food-insecure households in Liberia. According to the case details, GenKey failed to disclose commissions paid or intended to be paid to an agent concerning a contract under this project. This omission was attributed to inadequate internal controls and supervision within the company, constituting a fraudulent practice under the World Bank’s guidelines for consultant selection and employment.
As a consequence of this debarment, GenKey is barred from participating in projects financed by the Bank Group institutions. This forms part of a settlement agreement where GenKey acknowledges its responsibility for the misconduct and agrees to meet specific conditions for release from debarment.
The agreement allows for a reduced debarment period due to GenKey’s compliance efforts, cooperation, acceptance of responsibility, and pledge not to pursue further contracts financed by the Bank Group. For release from sanctions, GenKey commits to developing integrity compliance measures aligned with World Bank Group Integrity Compliance Guidelines and will continue cooperating fully with the World Bank Group Integrity Vice Presidency.
Additionally, this debarment is subject to cross-debarment by other multilateral development banks under an agreement signed on April 9, 2010.