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ADB impose sanctions on 79 entities for corruption in 2008

ADB impose sanctions on 79 entities for corruption in 2008
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First Published: Tue, Feb 17 2009. 04 51 PM IST
Updated: Tue, Feb 17 2009. 04 51 PM IST
By PTI
New Delhi: The Asian Development Bank has imposed sanctions on 79 entities, including 41 companies, for “corruption” in 2008.
The multilateral lending agency has also put sanctions on 38 individuals.
ADB in a statement on Monday said it has sanctioned 41 firms and 38 individuals last year as a result of its corruption investigations.
The firms “that were sanctioned” following investigations are prohibited from doing business with ADB for up to seven years. In the case of individuals, the sanctions range from “one year to an indefinite period”, the statement said.
According to the bank’s website, as on 28 January, 2009, a total of 286 firms and 266 individuals have been declared ineligible to participate in activities financed by the ADB.
Among them, there are two companies -- Target Engineering Corporation and BRC Constructions -- and one individual -- TKP Menon -- from India.
They have been described as parties which ADB found impossible to notify after it “declared (them) ineligible to participate in ADB-financed activity”.
The sanctions on Target Engineering Corporation would be valid “until at least 28 October 2010” and BRC Constructions to remain “until at least 23 June 2011”.
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First Published: Tue, Feb 17 2009. 04 51 PM IST