World Bank Debars Several Indian Companies in 2018: ReportHot Buzz

October 04, 2018 17:18
World Bank Debars Several Indian Companies in 2018: Report

(Image source from: The Pioneer)

The World Bank has debarred several Indian companies and a few individuals from the company from its various projects across the globe, the multilateral lending agency said in its first report on its endeavors to combat corruption and safeguard donor resources.

The World bank Group Sanctions System Annual Report for the year 2018 said Olive Health Care and Jay Modi from India have been debarred from for their fraudulent and corrupt practices. They were working on a World Bank project in Bangladesh.

The report said, while Olive Health has been debarred for 10 years and six months, Modi has been debarred for seven years and six months, the report said.

Altogether, 78 companies and individuals have been debarred by the World Bank.

The inaugural report, the bank said, is the consequence of efforts by the Integrity Vice Presidency (INT), the Office of Suspension and Debarment (OSD) and the Sanctions Board to prepare a joint overview of the Bank Group Sanctions System and its activities over the past year.

Companies debarred

India-based Engineering Procurement Construction Company Angelique International Limited has been debarred by the World Bank for four years and six months for their deceitful and corrupt practices. The company had a World Bank project in Nepal and Ethiopia.

Madhucon Projects Ltd. from India has been debarred by the World Bank for two years, for fraudulent practices. It had World Bank projects in India. RKD Construction Pvt. Ltd. has been debarred for one year and six months for the same reason. It has projects in India.

India-based Family Care as well has been debarred for four years on akin grounds. They had projects in Argentina and Bangladesh.

Among other Indian companies debarred by the World Bank for less than a year are Macleods Pharmaceuticals Ltd., SMEC (India) Pvt. Ltd., and Tatve Global Environment Pvt.Ltd..

In addition to the 78 debarment's, five firms were approved with conditional non-debarment, which means they remain eligible to take part in World Bank-financed projects but will be debarred if they do not run into certain agreed-upon conditions.

Each of the sanctions accompanying finding that the company or individual involved in one of the institution's five sanctionable practices - corruption, fraud, collusion, coercion or obstruction - while active in a Bank Group-funded project, the bank said.

The institution as well recognized 73 cross-debarments from other multilateral development banks.

Additional to evaluating allegations of corruption and fraud, INT works to prevent corruption in current Bank Group projects. INT staff identified and worked to mitigate integrity risks in 390 projects, steps that made progress in safeguarding the equivalent of $2.2 billion in project commitments, it said.

By Sowmya Sangam

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World Bank  Indian companies  India