DoP, BSE sign MoU to expand Mutual Fund Access Across India (See 'Corp Brief') Cloud data centre capacity in India estimated to grow 4 to 5 times by 2030 (See 'Corp Brief') Scindia to address Gramin Dak Sevak Sammelan in Kolhapur (See 'Corp Brief') Semicon India Program developing complete ecosystem for Semiconductors (See 'Corp Brief') NITI Aayog releases report on Deepening the Corporate Bond Market in India (See 'Corp Brief') India showcases Green Hydrogen Mobility with NISE-Toyota Fuel Cell Vehicle Pilot (See 'Corp Brief') ESIC approves Annual Accounts, CAG Report, and Annual Report for 2024-25 (See 'Corp Brief') A&C - Difference or controversy as to rate of interest clearly falls outside scope of challenge on ground of conflict with public policy of India unless it is evident that rate of interest awarded is so perverse: SC (See 'Legal Desk') Goyal inaugurates NEST-02 at Santacruz Electronics Export Processing Zone (See 'Corp Brief') Steering Committee for PM Vishwakarma scheme approves several proposals (See 'Corp Brief') A & C - By awarding reimbursement for second regular meal & welcome drinks, arbitrator had created new contract between parties, amounting to breach of Sec 28(3), which is patently illegal and against public policy: SC (See 'Legal Desk') India's Food Revolution takes Centre Stage at Annapoorna Interfood 2025 (See 'Corp Brief') IBC - It is mandatory duty of RP to verify every claim received and maintain updated list of creditors with requisite details including amount admitted, claimed, and security interest: IBBI (See 'Legal Desk') NBA releases Rs.6.2 Crore as Access and Benefit Sharing funds to beneficiaries in 5 States (See 'Corp Brief') PMLA - Secured creditor can stake its claim by moving application before Special Judge, PMLA Court, even before conclusion of trial, if excess amount is realised during auction sale: SAFEMA (See 'Legal Desk') Gati Shakti Vishwavidyalaya & Amazon sign MoU to promote Knowledge Sharing (See 'Corp Brief') India-EU Ideathon on Marine Plastic Pollution concluded (See 'Corp Brief') IBC - Moratorium does not protect development rights under agreement that was validly terminated for corporate debtor's non-performance before initiation of insolvency proceedings: SC (See 'Legal Desk') 37 supercomputers with total computing power of 40 Petaflops deployed under NSM (See 'Corp Brief') Scindia highlights major expansion and modernisation of India Post Network (See 'Corp Brief') A&C - Objections to execution lie within narrow compass typically only where decree is inherently void or was rendered by a forum lacking jurisdiction and therefore cannot be used to frustrate final arbitral award: SC (See 'Legal Desk') Controller General inaugurates onboarding of MTNL Pensioners onto SAMPANN (See 'Corp Brief') Misc - Till matter is finally decided by trial court, subject matter of suit needs to be preserved: HC (See 'Legal Desk') PM-KUSUM registers Significant Progress: 10,203 MW Installed (See 'Corp Brief') Competition Law - If entities which participated in bid-rigging were cover bidders and not even present in relevant market, and their relevant turnover was nil, then their egregious nature of conduct attracts maximum penalty in terms of Sec 27(b): CCI (See 'Legal Desk') CCI okays proposed acquisition of certain stake in Schneider Electric India Pvt Ltd & Schneider Electric JV Holdings 2 Pte. Ltd. (See 'Corp Brief') CCI nod to proposed combination involving Curefit, Cultfit & Fitness First Luxembourg (See 'Corp Brief') SARFAESI - Provident fund dues must be paid out first from auction proceeds of defunct factory, ahead of claims of secured creditor (the bank), with remaining amounts to satisfy other debts: SC (See 'Legal Desk') India Post unveils Kerala's First Gen-Z Post Office Extension Counter at CMS College, Kottayam (See 'Corp Brief') Global Organic Market rises; India strengthens Exports with Revised NPOP (See 'Corp Brief') A&C - Mere use of term 'arbitration' in contractual clause does not by itself establish binding intent to arbitrate unless parties have clearly agreed to resolve their disputes through that process: SC (See 'Legal Desk') MOIL achieves Best-Ever November Production and Sales Performance (See 'Corp Brief') Power Minister commences COD of 250 MW 3rd Unit of Tehri Variable Speed PSP (See 'Corp Brief') Misc - Adequate treatment is available domestically, mere preference for foreign medical facility does not justify permitting accused facing serious economic-offence allegations to leave jurisdiction: HC (See 'Legal Desk') MoS flags Off Tirupati-Sainagar Shirdi Express (See 'Corp Brief') A&C - No party can invoke Section 11 after competent civil court has already rejected Section 8 application by holding that arbitration clause does not constitute arbitration agreement: HC (See 'Legal Desk') FAME outreach, Niveshak Didi scheme promoting safe banking practices: MoS (See 'Corp Brief') Rail Infra proposals Reviewed to Strengthen Integrated Logistics Network (See 'Corp Brief') IBC - Regulation 2B(3) will not justify unilateral forfeiture of entire Earnest Money Deposit, when scheme is rejected on technical grounds: IBBI (See 'Legal Desk') Smart Metering Adoption: 4.76 Crore Smart Meters installed (See 'Corp Brief') UDBHAV 2025: Telangana tops Medal Tally as Tribal Talent shines nationwide (See 'Corp Brief') PMLA - FIRs being fundamental documents based on which entire case was initiated by ED, failure to serve same is fatal omission on part of enforcement directorate: SAFEMA TRIBUNAL (See 'Legal Desk') Australia-India Education and Skills Council meeting to be held in New Delhi (See 'Corp Brief') RM appeals for generous contributions to Armed Forces Flag Day Fund (See 'Corp Brief') The Human Impact of Raipur-Vizag Corridor (See 'Corp Brief') A&C - Court's scope of inquiry u/s 11 is limited to prima facie examination of existence of arbitration agreement while adjudication u/s 8 is to be made for both existence & validity: HC (See 'Legal Desk') HM inaugurates newly-constructed Bio-CNG and Fertilizer Plant by Banas Dairy (See 'Corp Brief') NMDC signs MoU with IIT Kanpur to strengthen Cybersecurity (See 'Corp Brief') Misc - Decision of Lokpal cannot be challenged in judicial review if there is no procedural infirmity or irregularity in manner in which either CVC or Lokpal conducted inquiry: 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.