L&T looks to work with World Bank after ban period expires
   
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L&T looks to work with World Bank after ban period expires

Last Updated: Saturday, March 9, 2013, 17:24
 
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L&T looks to work with World Bank after ban period expires
New Delhi: Larsen & Toubro (L&T) Friday said it looks forward to working with the World Bank once again after the expiry of the 6-month ban imposed on it by the multilateral agency after finding a company executive's involvement in a fraud.

"L&T looks forward to the opportunity to participate in future World Bank projects upon completion of this six month period of ineligibility," it said in a BSE filing.

The 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 an executive of the Indian conglomerate had indulged in a fraud.

"The sanctions imposed by the World Bank for six months ending September 6, 2013, from participating in World Bank funded/executed projects is not expected to have material impact on the company's present or future operations or its profitability or financials," L&T said.

The World Bank had last evening said in its sanction order 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.

The debarment would 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.

PTI



First Published: Saturday, March 9, 2013, 17:24


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