CCI okays ICICI Prudential to take over certain businesses of ICICI Venture (See 'Corp Brief') CCI allows Jindal Jhajjar to acquire Jhajjar Power (See 'Corp Brief') CCI approves acquisition of Toyota Industries by Toyota Asset Preparatory (See 'Corp Brief') IPR - If mark 'SACHAMOTI' and copyright in label are registered in favour of respondent, same shall enure to benefit of respondent insofar as rights flowing u/s 28 of Trade Marks Act is concerned: HC (See 'Legal Desk') India is entering golden era of defence innovation: RM (See 'Corp Brief') Last date to opt for UPS inches near (See 'Corp Brief') Goyal addresses National Conference of Trade Leaders (See 'Corp Brief') Benami - Provisional attachment shall be quashed, if property which was provisionally attached is neither Benami nor transaction which has occurred with respect to said property is benami: SAFEMA (See 'Legal Desk') MoS announces Rs.720 Crore Quantum Fabrication facilities at IIT Bombay (See 'Corp Brief') India, Afghanistan to deepen cooperation in Textile Sector (See 'Corp Brief') MoS lauds Quantum sensing breakthroughs by IIT, inaugurates first Liquid Helium Cryogenic facility (See 'Corp Brief') Evidence-Based Ayurvedic Products are Future of Wellness: Jadhav (See 'Corp Brief') Hotel, Industry & farmers partnerships is Critical for mutual growth: Agri Secy (See 'Corp Brief') MeitY launches Cyber Security Innovation Challenge (See 'Corp Brief') India-Oman Joint Military Cooperation Committee meeting held in New Delhi (See 'Corp Brief') A&C - Once right to file written statement is closed, application under Section 8 of Arbitration and Conciliation Act seeking reference to arbitration is not maintainable: HC (See 'Legal Desk') 'Workers are the miners of nation-building': Sonowal (See 'Corp Brief') India strengthens Textile and Sericulture Cooperation with Georgia (See 'Corp Brief') J&K to host launch of First Limestone Block Auction Roadshow (See 'Corp Brief') Indian Railways crosses 1 Billion Tonne Freight Loading in FY 25-26 (See 'Corp Brief') FEMA - Indian currency falls within scope of 'property' u/s 63 of FERA, empowering authorities to confiscate it when used in contravention of law: HC (See 'Legal Desk') IICA, DGR conclude Certification Program for senior Defence Officers (See 'Corp Brief') Op Drishti: Over 400 surgeries performed at Northern Command, J&K (See 'Corp Brief') ILO welcomes India's Labour Codes (See 'Corp Brief') Limitation Act - provisions of Limitation Act cannot be applied beneficially in favor of a petitioner who demonstrates mala fide intentions, including tampering with official documents: HC (See 'Legal Desk') Government intervention and Corporate governance (See CORP EINSICHT)

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.