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鈥檚 medical equipment business whilst bidding for a tender in 2008. L&T stressed that the ex-employee鈥檚 conduct that resulted in the World Bank sanctions is contrary to the group鈥檚 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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