PÖYRY PLC Press release 1 October 2015 at 9 pm (EEST)
World Bank Sanctions Board's decision relating to a Pöyry subsidiary
The World Bank Sanctions Board has issued a decision imposing a one (1) year sanction on Pöyry Finland Oy, a subsidiary company of Pöyry PLC. The decision means that Pöyry Finland Oy (including its subsidiary companies) cannot participate in World Bank Group financed projects for a period of one (1) year from 30 September 2015. Neither Pöyry PLC nor any other subsidiary companies of Pöyry PLC are affected by this sanction, and remain eligible to participate in World Bank Group financed projects.
The decision relates to a water sector project in Vietnam in 2008, where Pöyry Finland Oy (as successor to Pöyry Environment Oy) was found to have not complied with the Bank's administrative rules. No unlawful conduct by Pöyry Finland Oy or its employees has been identified in this connection.
"We are pleased that this long-running process with the World Bank is now concluded. The decision by the World Bank Sanctions Board is a consequence of conduct by former employees of Pöyry which occurred almost seven (7) years ago. We take all compliance matters extremely seriously and have brought forward significant improvements since that time. Pöyry remains committed to building an effective world-class compliance programme across our whole business. Project management excellence is at the heart of our strategic evolution", says Pöyry's CEO and President, Alexis Fries.
"Pöyry has invested a great deal in creating a pragmatic and effective compliance programme over the years. We work hard to ensure the understanding and implementation of the programme in all our operations", says Pöyry's Chief Compliance Officer, Andrew Hartley.
Every one of our 6000 people, across our 45 countries receives regular Code of Conduct compliance training covering many real life scenarios and how to handle them. Pöyry strives for the highest standards of ethics and integrity in all of its business activities worldwide.
PÖYRY PLC
Additional information by:
Anne Viitala
Executive Vice President, Legal and Communications
Group General Counsel
+358 10 3311
Pöyry is an international consulting and engineering company. We serve clients globally across the energy and industrial sectors and provide local services in our core markets. We deliver management consulting and engineering services, underpinned by strong project implementation capability and expertise. Our focus sectors are power generation, transmission & distribution, forest industry, chemicals & biorefining, mining & metals, transportation and water. Pöyry has an extensive local office network employing about 6,000 experts. Pöyry's net sales in 2014 were EUR 571 million and the company's shares are quoted on NASDAQ OMX Helsinki (Pöyry PLC: POY1V).
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Pöyry Oyj via Globenewswire
