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The World Bank has debarred Glocoms, Inc, a US-based management consulting firm, and its CEO for four years for committing a fraud in a bank-financed project in Vietnam.

The bank said in a release Tuesday the debarment was made after its Integrity Vice Presidency launched an investigation into Glocoms for misrepresenting facts about its experience and technical qualifications.

Glocoms won a contract related to the Bank Modernization Project partly thanks to faking its qualifications, it said.

Glocoms and its CEO will not be awarded contracts under any World Bank-financed or -executed project or otherwise participate in the preparation or implementation of such projects for four years.

Vietnam Joint Stock Commercial Bank for Industry and Trade, which hired Glocoms as a consultant to assist in developing banking applications, said since Glocoms has completed its work, the debarment would not affect the ongoing project.

The US$113 million project is aimed at improving payment services and broadening access to finance throughout the country, and enhancing the operations of participating banks.

Glocoms has participated in World Bank-funded projects in Vietnam, Cambodia, Ghana, Rwanda, Albania, and Cameroon.

It is planning to open a representative office in Vietnam.

Source: Tuoitre