Several Indian Companies Debarred By World Bank In 2018

Several Indian companies and a few individuals from India have been barred by World Bank from its various projects across globe, multilateral lending ncy said in its new report. In its latest annual report on Wednesday, October 3, World Bank said Olive Health Care and Jay Modi from India have been debarred for ir fraudulent and corrupt practices. y were working on a World Bank project in Banglesh.

While Olive Health has been debarred for 10 years and six months, Modi has been debarred for seven years and six months, report said. In all 78 companies and individuals have been debarred by World Bank. inaugural report, bank said, is result of efforts by Integrity Vice Presidency (INT), Office of Suspension and Debarment (OSD) and Sanctions Board to prepare a joint overview of Bank Group Sanctions System and its activities over past year.

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India-based Angelique International Limited has been debarred by World Bank for four years and six months for ir fraudulent and corrupt practices. company h a World Bank project in Ethiopia and Nepal. Family Care from India has been debarred by World Bank for four years on similar grounds. y h projects in Argentina and Banglesh.

For fraudulent practices, Mhucon Projects Ltd from India has been debarred by World Bank for two years. It h World Bank projects in India. R KD Construction Pvt Ltd has been debarred for one year and six months for same reason. It has projects in India.

Among or Indian companies debarred by World Bank for less than a year are Tatve Global Environment Pvt Ltd, SMEC (India) Pvt Ltd, and Macleods Pharmaceuticals Ltd. In dition to 78 debarments, five firms were sanctioned with conditional n-debarment, which means y remain eligible to participate in World Bank-financed projects but will be debarred if y do t meet certain agreed-upon conditions.

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Each of sanctions related to a finding that firm or individual engd in one of institution's five sanctionable practices fraud, corruption, collusion, coercion or obstruction while participating in a Bank Group-funded project, bank said. institution also recognized 73 cross-debarments from or multilateral development banks.

In dition to evaluating allegations of fraud and corruption, INT works to prevent corruption in ongoing Bank Group projects. INT staff identified and worked to mitigate integrity risks in 390 projects, steps that me progress in safeguarding equivalent of USD 2.2 billion in project commitments, it said