The fourth-largest Indian IT company Satyam Computer Services has been banned by World Bank says a Fox News report. The report quotes
a senior World Bank official admitting that Satyam has been barred from all business at the bank for eight years.
The World Bank debarment has been meted out for "improper benefits to bank staff" and "lack of documentation on invoices," according to Fox News report.
World Bank information security chief Robert Van Pulley admitted to the ban during a recent meeting with the officials of Government Accountability Project (GAP), a whistleblower protection organisation in the US, as per the report. The bank has handed over the case to the US Justice Department and the Treasury Department.
“The World Bank had never complained or informed us... Satyam’s contract with the World Bank had come up for discussions in an earlier board meeting. We were told that as a matter of policy, the World Bank does not renew contracts with the same vendor for more than five years,” said TR Prasad, independent director on the Satyam Board. This was reconfirmed by another independent board member VS Raju. “Yes, we have banned Satyam from doing business with us,” the World Bank spokesperson, Sudip Mazumder, told ET from New Delhi.
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