African Development Bank and Sinohydro have reached a settlement agreement on fraudulent practices.Sinohydro Corporation has agreed to a comprehensive verification of its compliance programme by the African Development Bank following the detection of a fraudulent practice in tendering for works contracts in Uganda.
Sinohydro has been awarded contracts in Zimbabwe, which include Kariba South extension and Hwange Power Station. The tender for Kariba South was awarded at a total cost of $533 million, a figure which was criticised for being double the price of similar expansion works on the other side of Zimbabwe.
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