{"id":7827,"date":"2021-12-10T09:32:36","date_gmt":"2021-12-10T04:02:36","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-world-bank-ramky-enviro\/"},"modified":"2021-12-10T11:35:58","modified_gmt":"2021-12-10T06:05:58","slug":"biz-world-bank-ramky-enviro","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-world-bank-ramky-enviro\/","title":{"rendered":"World Bank group imposes 20-month debarment on Ramky Enviro Engineers"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2239438861\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p><span style=\"font-weight: 400;\">The World Bank Group has announced 20-month debarment of Ramky Enviro Engineers Ltd (REEL), a city-based waste management and environmental services company, in connection with a \u201cfraudulent practice\u201d as part of the Capacity Building for Industrial Pollution Management Project in India.<\/span><\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2583652358\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p><span style=\"font-weight: 400;\">Ramky Enviro Engineers Ltd (REEL) is one of Asia\u2019s leading providers of comprehensive environment management services. The company manages approximately 6 million tonnes per annum of municipal solid waste in 21 cities spread across India.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The world bank supports projects in areas as education, health, public administration, infrastructure, financial and private sector development, agriculture, and environmental and natural resource management and makes investments in them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The World Bank in a statement issued on December 8 said the debarment makes REEL and its Managing Director, M Goutham Reddy, ineligible to participate in projects and operations financed by the World Bank group.<\/span><\/p><div class=\"trade-content_5\" id=\"trade-526883104\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p><span style=\"font-weight: 400;\">It is part of a settlement agreement under which the company and its Managing Director do not contest responsibility for the underlying sanctionable practice and agree to meet specified corporate compliance conditions as a condition for release from debarment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to facts of the case, which are not contested, REEL and its Managing Director in 2014 failed to disclose a subcontractor when bidding for the contract on the closure and containment of a municipal solid waste dumpsite at Ukkayapalli in Andhra Pradesh, the World Bank said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cREEL also failed to obtain prior approval before subcontracting works under the contract and in 2017 misrepresented the existence of this subcontracting arrangement to the Bank. This conduct is a fraudulent practice under the World Bank\u2019s Procurement Guidelines,\u201d&nbsp; world bank pointed out.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The debarment of REEL and Reddy qualifies for cross-debarment by other multilateral development banks (MDB) under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010, it added.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This comes weeks after the world bank debarred nearly 20 Kenya-based companies in less than two years over fraud and quality concerns in projects that were funded by the lender.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">KKR is a leading global investment firm that manages multiple alternative asset classes. The US private equity giant owns 60 per cent of Ramky Enviro Engineers Limited.&nbsp;<\/span><\/p><div class=\"trade-content-10\" id=\"trade-755649620\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p><span style=\"font-weight: 400;\">M Goutham Reddy was not immediately available for comment on the subject.<\/span><\/p>\n<div class=\"trade-after-content\" id=\"trade-4278304184\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>The World Bank Group has announced 20-month debarment of Ramky Enviro Engineers Ltd (REEL), a city-based waste management and environmental services company, in connection with a \u201cfraudulent practice\u201d as part of the Capacity Building for Industrial Pollution Management Project in India. Ramky Enviro Engineers Ltd (REEL) is one of Asia\u2019s leading providers of comprehensive environment [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1513,31],"tags":[],"class_list":["post-7827","post","type-post","status-publish","format-standard","hentry","category-editor-pick","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>World Bank group imposes 20-month debarment on Ramky Enviro Engineers - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-world-bank-ramky-enviro\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank group imposes 20-month debarment on Ramky Enviro Engineers\" \/>\n<meta property=\"og:description\" content=\"The World Bank Group has announced 20-month debarment of Ramky Enviro Engineers Ltd (REEL), a city-based waste management and environmental services company, in connection with a \u201cfraudulent practice\u201d as part of the Capacity Building for Industrial Pollution Management Project in India. 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