Pöyry Management Consulting Oy Finland, an arm of global consulting firm Pöyry (OMX: POY1V) has been placed on the World Bank's list of Non-Responsible Vendors for "Submitting false invoices and providing improper benefits to WBG staff". This means the company in question is excluded from World Bank’s projects for three years unless it can prove to be a responsible company. The three-year exclusion period started from 20th of June 2012 and the non-responsibility determination extends to all affiliates of the vendor unless otherwise stated.
The company did not send a stock exchange notice on the issue and mainstream press, namely newspaper Taloussanomat picked up on it after market close on Wednesday. Newspaper Helsingin Sanomat writes that Pöyry representative told them that the issue pertains to a single World Bank led project involving the said subsidiary, which according to the company committed no illegal acts. She also said that the limitations do not extend to the entire Pöyry group but only to the subsidiary in question and hoped that World Bank will clarify the matter in the coming days. A material amount of Pöyry’s business comes from World Bank, so depending on the communications on Thursday morning; the news might have a stock market impact.
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