World Bank bars L&T for 6 months over forgery by executive
Washington: World Bank has barred Larsen & Toubro (L&T) from doing any business with it or the projects funded by it for 6 months, after finding that a senior executive of the Indian conglomerate has indulged in fraud. The debarment will continue till September 6, making L&T ineligible for being awarded contracts for any World Bank funded projects, from receiving any loan proceeds made by the Bank or participating in any Bank-financed project.
The sanction order, dated March 7, said that L&T’s ineligibility would continue across the entire World Bank group and has been imposed on L&T “for fraudulent practices” as per the bank’s Procurement Guidelines against Fraud and Corruption. During the debarment period, L&T as well as any of the entities controlled directly or indirectly by it can’t be nominated even subcontractor, consultant, manufacturer, supplier or even service provider to an otherwise eligible firm being awarded a World Bank financed project.
The matter pertains to a bid submitted by L&T through Regional Business Head of its Medical Equipment and Systems unit to a World Bank-financed project in Tamil Nadu. In January 2005, the World Bank Group had entered into a Development Credit Agreement with the Indian government to provide $110.83 million of International Development Association credit for the Tamil Nadu Health Systems Project.
It was set up to improve the effectiveness of health systems in the state by increasing access to critical health services for poor, disadvantaged and tribal groups. In July 2008, bidding documents were issued by the Tamil Nadu Medical Service Corporation for a contract to supply 130 ultrasound scanners under the project, following which L&T submitted a bid on September 3, 2008 through the said Regional Business Head.
The killing of a British soldier on the streets of London in a suspected Islamic terrorist attack has shocked the nation. The victim was hit by a car in broad daylight, then hacked to death by two men wielding machetes and knives. Video footage, filmed by an onlooker just minutes after the killing showed an angry man with hand... More The killing of a British soldier on the streets of London in a suspected Islamic terrorist attack has shocked the nation. The victim was hit by a car in broad daylight, then hacked to death by two men wielding machetes and knives. Video footage, filmed by an onlooker just minutes after the killing showed an angry man with hands covered in blood.
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