TEC signs MoU with BECIL to strengthen Telecom and Broadcasting Ecosystem (See 'Corp Brief') SARFAESI - Borrowers who fail to timely invoke MSME framework are precluded from seeking its protection at belated stage after SARFAESI proceedings have commenced: HC (See 'Legal Desk') NLDSL and Punjab sign MoU to strengthen Digital Logistics Ecosystem (See 'Corp Brief') Competition Act - OP entered into anti-competitive agreements & abused its dominant position by imposing unfair & restrictive conditions on participants in its beauty pageant, in contravention of Sections 3 & 4 - D-G to probe matter: CCI (See 'Legal Desk') Kamarajar Port becomes India's Second Major Port with 18-Metre Draft Capability (See 'Corp Brief') Large-Scale Infrastructure Expansion opens up Opportunities for Budding Engineers (See 'Corp Brief') CCI okays merger of 51 Malabar Group's companies into Malabar Gold and Diamonds Ltd (See 'Corp Brief') IBC - Delayed creation of security cannot be treated as transaction in normal course of business: NCLAT (See 'Legal Desk') CCI approves acquisition of equity in Sorting Hat Technologies and merger into upGrad Education (See 'Corp Brief') Atal Innovation Mission Strengthens Eastern India Innovation Ecosystem (See 'Corp Brief') Giriraj Singh to inaugurate 'Indie Haat 2026' (See 'Corp Brief') IBC - Rent Tribunal lacks jurisdiction in cases involving entities undergoing CIRP, per Sections 60(5)(c) & 238 of IBC, which confer exclusive jurisdiction upon the Adjudicating Authority in CIRP matters: NCLT (See 'Legal Desk') Labour Ministry translates objectives of Labour Codes to provide timely relief to workers (See 'Corp Brief') Trade Marks - Mark KREOFLAT is distinctively similar to existing mark of PANKREOFLAT where former copies essential & distinctive features of latter, thereby making the former visually, phonetically & deceptively similar: HC (See 'Legal Desk') CAQM reports 62 air pollution violations across NCR in 17 days; proposes closure of four units (See 'Corp Brief') Utsav & Chintan Shivir 2026 to focus on institutional reforms for a technology-driven, and citizen-centric legal ecosystem (See 'Corp Brief') Sukesh Chandrashekhar con saga - co-accused gets bail - stringent conditions of Section 45 of PMLA can be relaxed for women, more so considering extraordinary circumstances: HC (See 'Legal Desk') Govt raises onion procurement price by 13% to Rs.2,125 per quintal (See 'Corp Brief') India's last 12 years have been a progression from shortages to building Viksit Bharat: RM (See 'Corp Brief') SARFAESI - Writ jurisdiction under Article 226 should ordinarily not be exercised where efficacious alternative remedy exists, particularly in matters arising under the SARFAESI Act: HC (See 'Legal Desk') India's youth will power AI, robotics with Made in India chips: PM (See 'Corp Brief') Competition Act - Allegations relating to use of private vehicles without commercial permits, non-compliance with Motor Vehicles Act, opaque GST & STA tax practices, & related issues fall outside scope of Competition Act: CCI (See 'Legal Desk') Tech Innovation and disruption in Construction Industry (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.