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Posted at 02:04 PM ET, 01/10/2013

World Bank sanctions Arinc

By

The World Bank Group said Thursday it has debarred Annapolis-based communications and engineering firm Arinc for 33 months for violating the bank’s procurement guidelines on an airports development project in Egypt.

The World Bank said in its announcement that it has reached a negotiated resolution agreement with ARINC, which is a portfolio company of the Carlyle Group, following an investigation by a World Bank integrity unit. The bank did not elaborate in a release.

Under the deal reached with ARINC, the company has agreed to improve its corporate compliance program.

Arinc did not immediately respond to requests for comment. Carlyle spokesman Chris Ullman declined to comment.

By  |  02:04 PM ET, 01/10/2013

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