Liberia: W/Bank Debars ‘Corrupt’ Dutch Firm, Genkey
The World Bank Group has announced the 18-month debarment of Netherlands-based firm GenKey Solutions B.V. for engaging in a fraudulent practice related to Liberia’s Social Safety Nets Project, a critical poverty-reduction initiative that became effective in 2017.
The decision was made public in a statement issued Tuesday, July 8, 2025, by the World Bank, confirming that GenKey will be ineligible to participate in any projects and operations financed by the World Bank Group for the duration of the debarment, unless specific conditions for release are met.
According to the Bank’s investigation, GenKey failed to disclose commissions paid or to be paid to an agent in connection with a contract under the Liberia Social Safety Nets Project. The company’s failure to disclose these payments–deemed a reckless violation stemming from weak internal controls and supervision–constitutes a fraudulent practice under the World Bank’s procurement guidelines.
The World Bank’s statement described GenKey’s conduct as violating the “Guidelines: Selection and Employment of Consultants under IBRD Loans and IDA Credits & Grants by World Bank Borrowers.”
The Social Safety Nets Project was designed to help build a national system for social protection and deliver critical income support to Liberia’s poorest and most food-insecure households. Any fraudulent interference in such projects undermines both donor trust and the effectiveness of public service delivery in one of the world’s most vulnerable economies.
The fraudulent actions of GenKey not only compromised the integrity of a high-stakes development project but also raised concerns about oversight and accountability in donor-funded contracts within Liberia.
The debarment comes as part of a settlement agreement between the World Bank and GenKey. Under the terms of the agreement, GenKey acknowledged responsibility for the misconduct and agreed to adopt corrective measures, including the implementation of a robust integrity compliance program.
The World Bank noted that the 18-month debarment period was reduced in light of GenKey’s cooperation during the investigation, its acceptance of responsibility, its pre-existing compliance program, and its commitment not to seek new Bank-financed contracts during the debarment period.
As a condition for being released from debarment, GenKey must develop and enforce integrity measures that align with the World Bank Group Integrity Compliance Guidelines and must continue full cooperation with the Bank’s Integrity Vice Presidency (INT).
The debarment also qualifies for cross-debarment under the Agreement for Mutual Enforcement of Debarment Decisions, signed by major multilateral development banks (MDBs) on April 9, 2010.
This means GenKey may also be barred from bidding on or participating in projects financed by other MDBs, including the African Development Bank, Asian Development Bank, and Inter-American Development Bank.
By Liberian Observer.
