Union Minister inaugurates Centre of Excellence for Handloom Technology at IIT Delhi (See 'Corp Brief') IBC - Private bank's commercial decision on debt assignment or settlement, even if regulated by RBI norms, remains private banking transaction and does not satisfy function test for writ maintainability: HC (See 'Legal Desk') Mandaviya felicitates Commonwealth Games 2026 Weightlifting medallists with cash rewards (See 'Corp Brief') Sonepur Bazari OCP: Setting New Benchmarks in Coal Production (See 'Corp Brief') IPR - In absence of evidence showing acquired distinctiveness or secondary meaning, descriptive mark could not validly remain on Register: HC (See 'Legal Desk') KCC-MISS has positively impacted Cropping Intensity and Multi-Season Cultivation (See 'Corp Brief') Disciplinary case pendency reduced from over 4,000 to 700: MoS (See 'Corp Brief') Limitation - Single Judge rightly declined to exercise writ jurisdiction in a matter which essentially involves contractual obligations & involves disputed issues of fact: HC (See 'Legal Desk') Handloom Hackathon 2.0 concludes at IIT Delhi (See 'Corp Brief') MoS reviews status of Ujh Multipurpose Project in Jammu & Kashmir (See 'Corp Brief') Exhibition open to visitors from 6 to 19 August (See 'Corp Brief') Tete-a-tete around AI in banking sector often begins with algorithms (See CORP EINSICHT) IBC - Insolvency cannot be used as substitute for debt recovery or to settle complicated shareholder battles: NCLT (See 'Legal Desk') Ministry of Textiles to celebrate 12 th National Handloom Day on 7 August (See 'Corp Brief') Railways approves Extension of Daily Ludhiana-Jakhal Passenger Train up to Jind (See 'Corp Brief') Catch the Rain in Odisha: From Awareness to Groundwater Recharge (See 'Corp Brief') IBC - Unregistered lease deed cannot be relied upon to establish substantive leasehold rights or duration of tenancy: NCLT (See 'Legal Desk') NBA releases over Rs.24 Lakh as Benefit Sharing to Farmers, Research Institutions (See 'Corp Brief') Arbitration - Where arbitration proceedings are meant for resolving civil & contractual disputes, they cannot be invoked to resolve penal offences under the Negotiable Instruments Act: HC (See 'Legal Desk') GeM launches 10-Day Celebrations Ahead of 10th Foundation Day (See 'Corp Brief') A & C Act - Private contractual confidentiality clause cannot override statutory or legal obligation to disclose documents directed by court of law: HC (See 'Legal Desk') Geological Survey of India gets First Woman Director General (See 'Corp Brief') NDPS - While mere non-compliance with procedural mandates of Sec 52A of NDPS Act is not automatically fatal to prosecution, it necessitates heightened scrutiny test of remaining evidence: HC (See 'Legal Desk')

Print

Spain's GMV Sistemas debarred by World Bank Group for corrupt practices

Published: Mar 04, 2021

By TIOLCORPLAWS News Service

WASHINGTON, MAR 04, 2021: THE World Bank Group on Wednesday announced the three-and-a-half-year debarment of Spain-based Grupo Mecanica del Vuelo (GMV) Sistemas in connection with collusive, corrupt and fraudulent practices in development projects in Vietnam.

Certain members of the former management of GMV colluded with two designing consultants to gain unfair competitive advantages in two tendering processes relating to the Danang Sustainable City Development Project and the Hanoi Urban Transport Development Project. The members agreed to pay a commission to improperly influence a tendering process to win a contract and failed to disclose their involvement in the drafting of the tendering documents for the two projects.

"These are collusive, corrupt and fraudulent practices, respectively, as defined by the World Bank's Sanctions Procedures," said the World Bank Group.

The debarment with conditional release makes GMV ineligible to participate in projects and operations financed by institutions of the World Bank Group. It is part of a settlement agreement under which the company does not contest culpability and responsibility for the underlying sanctionable practices and agrees to meet specified compliance requirements as a condition for release from debarment.

The debarment also qualifies GMV for cross-debarment by other multilateral development banks (MDBs) under the Agreement for Mutual Enforcement of Debarment Decisions.

The Danang Sustainable City Development Project is designed to expand city residents' access to improved drainage, wastewater collection and treatment services, the arterial road network, and public transport in selected areas of Da Nang City.

The Hanoi Urban Transport Development Project was designed to increase urban mobility in targeted areas in Hanoi by increasing the use of public transport in selected traffic corridors and reducing travel time between the city centre and the west and northwest sections of the city, and to promote more environmentally sustainable transport modes and urban development plans for Hanoi.

The settlement agreement provides for a significantly reduced period of debarment with conditional release in light of the company's extraordinary cooperation, agreement to restrain voluntarily from World Bank Group projects during the pendency of an audit and voluntary remedial actions, including compliance program enhancements.

As a condition for release from sanction under the terms of the settlement agreement, the company commits to develop its integrity compliance program further, consistent with the principles set out in the World Bank Group Integrity Compliance Guidelines. It also commits to continue to fully cooperate with the World Bank Group Integrity Vice Presidency.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.