An RVR locomotive engine. Private equity firm Emerging Capital Partners has pulled out of a deal to acquire RVR from Qalaa Holdings. FILE | NATION MEDIA GROUP
An American firm that was negotiating to buy Rift Valley Railways from Egypt’s Qalaa Holdings withdrew its interest 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 said.
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.
