Extra caution needed for Plomin C coal power plant project due to heightened corruption risks
Publisher: CEE Bankwatch Network
Volume: 5 pages, pdf
Description:
On 2 September 2014, it was announced by Croatian electricity company HEP that a preferred bidder had been chosen for the controversial Plomin C 500 MW coal power plant project in Croatia. The preferred consortium consists of Japan's Marubeni and France's Alstom. In second place was a consortium consisting of Daewoo from South Korea and Abeinsa from Spain, and in third place Italy's Edison, owned by EDF. The selection of Marubeni has already raised concerns in the Croatian media due to the company's recent conviction for bribery in the Indonesian Tarahan power plant project in Sumatra, Indonesia (see below). Interestingly, the Tarahan project corruption case involved both Alstom and Marubeni acting together. As a result of this case, Marubeni has been barred from financing by the Japan Bank for International Co-operation for nine months, until December 25, 2014.