Blacklisted by the World Bank, Chicago firm still gets millions in new contracts
from Chicago Tribune
In 2006, the Mongolian Finance Ministry hired a small Chicago-based consulting firm called Glocoms to strengthen its budget planning. The $1.5 million job, financed by the World Bank, aimed to help a country still grappling with Soviet legacies to reallocate its spending and reduce its debt. Unfortunately, the company's consultants didn't always show up and their reports were riddled with errors, said Zahid Hasnain, who oversaw the project for the World Bank starting in 2008.
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