gfiles magazine

September 10, 2012

ONGC in a fix

Vol. 6- Issue 6 - Sept 2012 the way
ONGC in a fix
Leighton Welspun Contractors, a private sector Indo-Australian joint venture, has been allegedly caught red-handed trying to persue public sector oil giant ONGC into a multi-million dollar contract. Leighton Welspun is a spinoff of Leighton Offshore, which itself is a subsidiary of Leighton Holdings, Sydney, Australia. Leighton Welspun had bid for a contract for which it has signed an integrity pact with ONGC. The pact requires that the bidder would face immediate disqualification if it is found to have concealed any charge of corruption slapped on it in any country. Leighton Welspun bid for the contract but concealed the fact that it was facing bribery charges in Iraq for which it had to even sack one of its senior executives. Now, another senior executive has gone. Leighton Welspun Contractors chief Russell Waugh, in the wake of an internal inquiry into corporate governance practices in its overseas operations, has left the company....READMORE

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