African Development Bank bans Goldson Investments Co Ltd for 24 months for fraudulent practices


The African Development Bank Group, on 9 May 2023, announces a 24-month moratorium on Goldson Investments Company Limited with effect from 31 January 2023. Goldson Investments Company Limited is a Limited Liability Company registered in the Republic of Kenya.

An investigation conducted by the Bank’s Integrity and Anti-Corruption Office found that Goldson Investments Company Limited, involved in fraud during a tender for the doubling of the 84 km Kenol-Sagana-Marua Highway, Lot 1 and 2, components of Kenol Was indulged Sagna-Marua Highway Improvement Project.

The Kenol-Sagana-Marua Highway Improvement Project is part of the Kenyan section of the Trans-Africa Highway (Cairo to Cape) and is expected to increase the movement of goods and services as well as people between counties in central and eastern Kenya. on the one hand, and the capital Nairobi on the other.

During the Ban Period, Goldsun Investments Company Ltd. The Bank shall not be eligible to participate in group-financed operations and activities. Additionally, the embargo qualifies for cross-sanctions under the Agreement on Reciprocal Enforcement of Sanction Decisions by other multilateral development banks, including the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank, and the World Bank Group.

At the end of the Restricted Period, Goldsun Investments Company Ltd. The African Development Bank will be eligible to resume participation in Group-financed operations and activities only after implementing an integrity compliance program in line with the Bank’s guidelines.

About the Office of Integrity and Anti-Corruption

The African Development Bank Group’s Integrity and Anti-Corruption Office is responsible for detecting, preventing and investigating allegations of corruption, fraud and other sanctioned practices in Bank Group-financed operations.

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African Development Bank employees and the general public can use the Integrity and Anti-Corruption Office’s secure hotline to report accepted practices within the bank or operations financed by the bank group.

Secure Telephone: +1 (770) 776-5658

Secure email address: [email protected]

Whistleblower: [email protected]

Mail correspondence must be marked “Confidential” and sent to:

african development bank

Integrity and Anti-Corruption Office (PIAC)

Immeuble du Center de Commerce International d’Abidjan (CCIA)

Avenue Jean-Paul II

01 bp 1387

Abidjan 01, Ivory Coast

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