The World Bank has launched an investigation into its handling of a $1bn loan from China after the bank’s treasurer queried whether the process may have violated bank rules.
External lawyers have been hired to lead the probe into the transaction, which was endorsed by the chief financial officer, and the outcome is due to be handed to the bank’s leadership this week. In a note to staff on Tuesday Jim Yong Kim, the president, said “there has been no suggestion of any staff misconduct”.
The controversy pits Bertrand Badré, the World Bank’s chief financial officer whose generous bonus had angered staff , against the bank’s treasurer, Madelyn Antoncic.
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