Larsen & Toubro (L&T) today said it looks forward to working with the World Bank once again after the expiry of the six-month ban imposed on it by the multilateral agency after finding a company executive’s involvement in a fraud.
“L&T looks forward to the opportunity to participate in future World Bank projects upon completion of this six month period of ineligibility,” it said in a BSE filing.
The World Bank has barred Larsen & Toubro (L&T) from doing any business with it or the projects funded by it for six months, after finding that an executive of the Indian conglomerate had indulged in a fraud.
“The sanctions imposed by the World Bank for six months ending September 6, 2013, from participating in World Bank funded/executed projects is not expected to have material impact on the company’s present or future operations or its profitability or financials,” L&T said.
The World Bank had last evening said in its sanction order that L&T’s ineligibility would continue across the entire World Bank group and has been imposed on L&T “for fraudulent practices” as per the bank’s Procurement Guidelines against Fraud and Corruption.
The debarment would continue till September 6, making L&T ineligible for being awarded contracts for any World Bank-funded projects, from receiving any loan proceeds made by the Bank or participating in any Bank-financed project.