World Bank bans Madhucon Projects
The World Bank has barred several Indian companies including Hyderabad based Madhucon Projects, and a few individuals from the country from its...
Washington/Hyderabad: The World Bank has barred several Indian companies including Hyderabad-based Madhucon Projects, and a few individuals from the country from its various projects across the globe, the multilateral lending agency said in its first report on its efforts to fight corruption and safeguard donor resources.
The World bank Group Sanctions System Annual Report for the year 2018 said it debarred Madhucon Projects owned TDP leader Nama Nageswara Rao, for two years for its fraudulent and corrupt practices. It had World Bank projects in India.
Olive Health Care and Jay Modi from India have been debarred from for their fraudulent and corrupt practices. They were working on a World Bank project in Bangladesh. While Olive Health has been debarred for 10 years and six months, Modi has been debarred for seven years and six months, the report said.
In all, the World Bank have debarred 78 companies and individuals. The inaugural report, the bank said, is the result of efforts by the Integrity Vice Presidency (INT), the Office of Suspension and Debarment (OSD) and the Sanctions Board to prepare a joint overview of the Bank Group Sanctions System and its activities over the past year.
India-based Angelique International Limited has been debarred by the World Bank for four years and six months for their fraudulent and corrupt practices. The company had a World Bank project in Ethiopia and Nepal.
Family Care from India too has been debarred by the World Bank for four years on similar grounds. They had projects in Argentina and Bangladesh. R KD Construction Pvt Ltd has been debarred for one year and six months for the same reason.