More reports on: World Bank
Dhoot protests World Bank ban on Videocon news
05 May 2010

Videocon Industries has moved a petition to the World Bank seeking to revoke a three-year ban for misrepresenting information in a tender document in 2003.

Videocon chairman Venugopal Dhoot''We hope the World Bank will take a lenient view,'' said Videocon chairman Venugopal Dhoot. ''There was no transaction with the bank. We had erroneously provided some wrong information in a tender document for supplying air conditioners worth about $50,000.''

The bank last December blacklisted Videocon Industries for three years from 11 January 2010 to 11 January 2013 on the grounds of indulging in fraud and corrupt practices in dealings relating to procurement.

Videocon was sent a ''letter of reprimand subsequent to an administrative process'', permitting the company to respond to the allegations, the World Bank said in its latest update of companies blacklisted for doing business due to fraud and corruption charges.

Dhoot said the wrong information was given by a junior employee who was later suspended. The Videocon group has neither taken any financial assistance from the bank nor has it done any transaction with it, he clarified.

His firm would not do anything wrong to secure a supply order, he said, adding the money involved in the tender was also insignificant.





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Dhoot protests World Bank ban on Videocon