CBC Co. is a privately-owned Chinese company headquartered in Shenzhen. The company has extensive experience in the design, construction, and maintenance of cellular networks throughout Eastern Europe as well as in China. The company has a rapidly improving reputation for the quality of its DCM services. The company sometimes selects subcontractors on the basis of political connections and factors other than quality of work and price, and its due diligence screening process for subcontractors or intermediaries has only been recently implemented. The company has a long and detailed code of conduct and includes provisions requiring compliance with all applicable anti-corruption and data protection laws in its DCM contracts. The company recently started conducting anti-bribery training for its officers, employees, and third parties but has not yet implemented a data protection compliance program

The Project:

• For the design, construction, and maintenance (DCM) of nationwide 5G network
• If completed, the Project would be the largest infrastructure project in Gampelova'shistory
• Existing 4G network (and predecessor cellular networks) are owned and operated by the government. Only 45% of the urban population and less than 10% of the rural population has access to 4G network; 4G network hasexhibited operational failures, inefficientenergy use, anddata security vulnerabilities
• There are no Gampelova-based companies with 5G DCM capacity. The government is willing to consider foreign bids provided that the new 5G network will:

be protected from disruption or manipulation by foreign entities,

have the capacity to support the country's projected population growth and economic strategy,

ensure reduced energy consumption, and

provide employment opportunities for Gampelovaresidents.

• The Project will require contractors, sub-contractors, and suppliers (from any combination of foreign and local companies) and extensive government licenses at all stages
• The Project will be open to blind bidding by three foreign companies

What is the reputational risks, how does the local communities affects by this project, and what are the concerned for shareholders ?