World Bank blacklists US firm for fraud

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The World Bank on Tuesday announced it had debarred a US-based management consulting company from its projects for the next four years for making false statements for getting a project implementation contract.

Glocoms, Inc., was found misrepresenting facts about its experience and technical qualifications based on which it was awarded a contract under the Second Vietnam Payment System and Bank Modernization Project, the bank said in a press release.

Slated to end this June, the project aims to assist the Vietnamese government modernize the financial sector.

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