World Bank bans US company Glocoms for 'irregularities'

The World Bank has disbarred a US management consulting company and its managing director from dealing with the Bank for four years following what the Bank describes as ‘irregularities’ committed by the company in one of the projects it funded in Vietnam.

Glocoms has worked on World Bank-funded projects in other countries including Ghana.

According to reports in the Vietnamese media, the World Bank said Glocoms committed fraud related to a project entitled “Mordenizing banks and payments systems Phase 2.”

The World Bank announced its decision after Glocoms was found to have lied about its technology and experience, and the fact that the company used fraudulent information that enabled it to win a contract partly financed by the said World Bank project.

After its investigations established the fraud, the World Bank announced the four-year ban of Glocoms. The company, according to the World Bank has been barred from preparing or implementiing World Bank-funded projects for the next four years.

By Emmanuel K. Dogbevi