Sat, 09 Mar 2013 17:15:00 GMT | By PTI

World Bank bars L&T for 6 months over forgery by executive

The debarment will continue till September 6, making L&T ineligible for being awarded contracts for any World Bank funded projects


World Bank bars L&T for 6 months over forgery by executive (© Reuters)

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.

(Continued)
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