The World Bank has disbarred a US-based management consulting company and its managing director from contracting with the Bank for four years.

The World Bank (WB) has disbarred a US-based management consulting company and its managing director from contracting with the Bank for four years, after irregularities in a WB-funded project in Vietnam.

According to the bank, Glocoms committed fraud related to a project entitled “Modernizing banks and payment systems Phase 2.” The WB’s announcement was released after determination that Glocoms lied about its experience and technology, fraudulent information that enabled it to win a contract partly financed by the above project.

After its investigation, the WB announced that Glocoms and its managing directorare barred from preparing or implementing WB-funded projects for the next four years.

An official of the Vietnam Industrial and Commercial Bank (Vietinbank) said that the consulting contract performed by Glocoms had ended and the project is being implemented, so the WB’s decision doesn’t affect project activities related to “modernizing banks and payment system phase 2” in which Vietinbank was involved.

Glocom Group’s website (www.glocoms.com) says that the company has participated in WB-funded projects in Vietnam, Cambodia, Ghana, Rwanda, Albania and Cameroons and that the firm plans to open a representative office in Vietnam.

Source: Tuoi Tre

Provide by Vietnam Travel

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