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. Mr Waugh had worked for Leighton since 2004 and was managing director of its Indian joint venture. Leighton declined to comment but sources said the company was concerned he had breached Leighton’s corporate governance practices….READMORE

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gfiles is the country's first independent magazine written, designed and produced for India's civil services—the vast and formidable network of bureaucracies and public sector organisations that provides continuity and stability to this nation's governance.
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