World Bank bars aeronautical radio firm's India arm, others
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World Bank bars aeronautical radio firm's India arm, others

Last Updated: Thursday, January 10, 2013, 22:27
 
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World Bank bars aeronautical radio firm's India arm, others
Washington: The World Bank has debarred the Indian and various other arms of global transport radio services provider ARINC (formerly Aeronautical Radio Inc) from doing any business with it for at least two years.

Established in 1929 and headquartered in the US, ARINC provides transport communications and systems engineering solutions for commercial, government and defence industries across the world and is currently owned by private equity giant Carlyle Group.

It has installed computer data networks in police cars and railway networks and also provides solutions for enabling airports and other ground stations communicate with aircraft.

In its latest update to the list of 'ineligible firms and individuals' because of being sanctioned under the World Bank's fraud and corruption policy, the multi-lateral financial institution has named 29 ARINC entities, including ARINC India Private Ltd.

As per World Bank, ARINC India Pvt Ltd has been debarred for a period of two years till January 9, 2015.

Most of the other ARINC entities have also been barred for the same period, while a few like US-based ARINC Inc and the group's units in Colombia, Vietnam and Croatia have been debarred for a longer period till October 9, 2015.

The World Bank said that the period of ineligibility of US-based ARINC Incorporated extends to all entities it directly or indirectly controls, except for certain previously identified excluded affiliates.

It further said that the minimum period of ineligibility for it will be 33 months, and ARINC Inc and its sanctioned affiliates would be released from ineligibility thereafter only if they have demonstrated to the World Bank Group's Integrity Compliance Officer that they have complied with certain conditions.

These conditions include implementation of an acceptable corporate compliance programme, cooperation with the World Bank Group and their compliance with the terms of conditions of its agreement with the World Bank group.

PTI



First Published: Thursday, January 10, 2013, 22:27


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