An American firm that was negotiating to buy Rift Valley Railways from Egypt’s Qalaa Holdings withdrew its interest in the deal after the World Bank signalled its intention to blacklist the rail firm over massive corruption that was revealed in an audit report last year, the Business Daily can now reveal.
Emerging Capital Partners (ECP), a private equity firm, terminated the negotiations after it became clear that the bank had decided to punish the company — instead of the directors linked with graft in the audit.
