Joshi releases Indian Standard for Electric Agricultural Tractor (See 'Corp Brief') IPR - Generic or commonly descriptive word can never become trade marks on their own as they never acquire distinctiveness or a secondary meaning: HC (See 'Legal Desk') NTH signs MoU with DRDO's DMSRDE for research, testing and training collaboration (See 'Corp Brief') IPR - Kohinoor's trademark registrations in Delhi and marketing agreement executed between parties in Delhi were sufficient to vest territorial jurisdiction in Court: HC (See 'Legal Desk') Gypsum Board Testing and Micro-Characterisation Laboratories Inaugurated (See 'Corp Brief') IBC - Paramount consideration should be interest of homebuyers who are entitled to allotment and possession of completed units: HC (See 'Legal Desk') Govt notifies Colliery Control (Amendment) Rules, 2025 (See 'Corp Brief') IPR - If marks/trade dress of parties, are similar, and areas of operation/business are same, and target consumers are also similar, there is complete likelihood that deception and confusion will occur with consumers: HC (See 'Legal Desk') NIFTEM-K signs MoU with Ministry of Minority Affairs to implement PM Vikas Scheme (See 'Corp Brief') A&C - Developer's failure to establish escrow account and its prolonged delay in project completion demonstrated financial indiscipline: HC (See 'Legal Desk') CSIR Labs driving Atmanirbhar Bharat through indigenous technologies: MoS (See 'Corp Brief') A&C - DMRC is not in violation of obligations under Concession Agreement, if DMRC had co-operated with PDL and sub-licensee and non-completion of project was because of failure of PDL: HC (See 'Legal Desk') India now sets Global Benchmarks in Space, Defence, and Innovation: MoS (See 'Corp Brief') PMLA - Provisional attachments under Section 5 of PMLA can be initiated without chargesheet under Section 173 of CrPC, based on sufficient material: 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.