NEW DELHI, Feb 17 (PTI): The Asian Development Bank(ADB) has imposed sanctions on 79 entities, including 41 companies, for “corruption” in 2008.
The multilateral lending agency has also put sanctions on 38 individuals.
ADB in a statement on Monday said it has sanctioned 41 firms and 38 individuals last year as a result of its corruption investigations.
The firms “that were sanctioned” following investigations are prohibited from doing business with ADB for up to seven years. In the case of individuals, the sanctions range from “one year to an indefinite period”, the statement said.
According to the bank’s website, as on January 28, 2009, a total of 286 firms and 266 individuals have been declared ineligible to participate in activities financed by the ADB.
Among them, there are two companies - Target Engineering Corporation and BRC Constructions - and one individual - TKP Menon - from India.
They have been described as parties which ADB found impossible to notify after it “declared (them) ineligible to participate in ADB-financed activity.
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