world bank bans wipro - why...??

world bank bans wipro...!!!

i just heard on headlines today news channel that world bank bans wipro , i was shockd the same way you are when u see this news , iam just looking around to find more info abt this news , will be back soon and post more info about the this news world bank bans wipro.

update :

Wipro barred from World Bank. World Bank had determined in June 2008 wipro would be ineligible for the bank direct contracts up to 2011 citing a conflict of interest policy.Wipro said its revenues from World Bank were insignificant and the decision would not affect its business and results.It said the announcement was being made now under revised disclosure policies.

Wipro representatives offered the World Bank, through its Chief Information Officer (CIO) and a senior staff, participation in the program and they directed this offer to members of their family and friends,” according to today’s statement.

World Bank employees, their family and friends bought 1,750 Wipro shares for about $72,000 at the IPO price, Wipro said.

“Wipro’s revenue from the World Bank is insignificant,” the company said in the statement. “Our inability to get future business from World Bank will not adversely affect our business and results of operations.” courtesy bloomberg for more.....

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