LT looks to work with World Bank after expiry of ban

Larsen & Toubro (L&T) on Saturday said it looks forward to working with the World Bank once again after the expiry of the six-month ban imposed on it by the multilateral agency after finding that an executive of the company had committed fraud.

"L&T looks forward to the opportunity to participate in future World Bank projects upon completion of this six-month period of ineligibility," it said in a BSE filing. The World Bank had barred Larsen & Toubro (L&T) from doing any business with it or the projects funded by it for 6 months, after finding that an executive of the Indian conglomerate had indulged in fraud.

"The sanctions imposed by the World Bank for six months ending September 6, 2013, from participating in World Bank funded/executed projects is not expected to have material impact on the company's present or future operations or its profitability or financials," L&T said.

The World Bank had on Friday evening said in its sanction order that L&T's ineligibility would continue across the entire World Bank group and has been imposed on L&T "for fraudulent practices" as per the Bank's procurement guidelines against fraud and corruption.

The debarment would continue till September 6, making L&T ineligible for being awarded contracts for any World Bank- funded projects, from receiving any loan proceeds made by the Bank or participating in any Bank-financed project.