AfDB bans two GE units from bidding on power contracts following misconduct

GE subsidiary in Egypt is banned from bidding on AfDB power contracts: The African Development Bank (AfDB) has banned a GE subsidiary in Egypt and another in Germany from bidding on power contracts for up to 76 months as part of a settlement of earlier cases of misconduct, Reuters reported. The two units, which were part of Alstom before GE acquired them in 2015, were charged with fraud and bribery in 2006 and 2011.