Several Indian companies debarred by World Bank over corruption practices
What's the story
Several Indian companies and some Indians have been barred by the World Bank from its various projects across the globe, the multilateral lending agency said in its first report on its efforts to fight corruption and safeguard donor resources. The World Bank Group Sanctions System Annual Report for 2018 said India-based Olive Healthcare and Jay Modi have been debarred for their fraudulent practices.
List
Olive Healthcare has been debarred for 10 years, six months
While Olive Healthcare has been debarred for 10 years and six months, Modi has been debarred for seven years and six months, the report said. They were working on a World Bank project in Bangladesh. Delhi-based Angelique International Limited was debarred for four years and six months for their fraudulent and corrupt practices. The company had a World Bank project in Ethiopia and Nepal.
Other companies
Family Care, Madhucon Projects Ltd too debarred over fraudulent practices
Other Indian companies debarred by World Bank include Family Care, Madhucon Projects Ltd, and RKD Construction Pvt Ltd. While Family Care, which had projects in Argentina and Bangladesh, has been debarred for four years, Madhucon has been debarred for two years. Similarly, RKD Construction Pvt Ltd also faces a ban for one year and six months. Both Madhucon and RKD have projects in India.
Total figure
78 companies and individuals were debarred by the World Bank
Among other Indian companies debarred by the World Bank for less than a year are Tatva Global Environment Pvt Ltd, SMEC (India) Pvt Ltd, and Macleods Pharmaceuticals Ltd. In all, 78 companies and individuals have been debarred. Additionally, five firms were sanctioned with conditional non-debarment, which means they remain eligible but will be debarred if they do not meet certain agreed-upon conditions.
Information
Five were sanctioned with conditional non-debarment
The inaugural report is the result of efforts by the Integrity Vice Presidency (INT), the Office of Suspension and Debarment (OSD), and Sanctions Board to prepare a joint overview of the Bank Group Sanctions System and its activities over the past year, said World Bank.
Cross-debarments
WB also recognized 73 cross-debarments from other multilateral development banks
Each of the sanctions related to a finding that the firm or individual engaged in one of the institution's five sanctionable practices, fraud, corruption, collusion, coercion or obstruction, while participating in a Bank Group-funded project, the World Bank said. The institution also recognized 73 cross-debarments from other multilateral development banks. Apart from evaluating frauds, INT works to prevent corruption in ongoing Bank Group projects.