The sanctions make Larsen & Toubro (L&T) ineligible for World Bank-funded contracts or projects, or from receiving any loan proceeds from the World Bank Group.
The sanctions have been imposed on the L&T Group due to the misconduct of an ex-employee of the company’s medical equipment business whilst bidding for a tender in 2008. L&T stressed that the ex-employee’s conduct that resulted in the World Bank sanctions is contrary to the group’s code of conduct and does not reflect corporate values.
Following the incident, controls were tightened across the L&T Group to prevent any recurrence.
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