WASHINGTON, April 6, 2010 — The World Bank today announced the debarment of Glocoms, Inc., a U.S-based management consulting firm and its CEO for having engaged in fraud in relation to a World Bank-financed project in Vietnam, the Second Vietnam Payment System and Bank Modernization Project.
The debarment was announced after the World Bank’s Integrity Vice Presidency (INT) launched an investigation into Glocoms for misrepresenting facts about the firm’s experience and technical qualifications. During the investigation INT found that Glocoms won a contract financed under this project, in part, based on the falsified qualifications. INT’s subsequent investigation resulted in the sanctions announced so that Glocoms and its CEO are ineligible to be awarded contracts under any World Bank Group-financed or World Bank Group-executed project or otherwise participate in the preparation or implementation of such projects for four years.
This debarment is evidence of the importance the World Bank attaches to addressing all forms of fraud and corruption on the projects it finances.