Brookfield Asset Management (Canada) is reported to be under investigation by the US Securities & Exchange Commission over allegations that its Brazilian business may have paid bribes to win construction permits.

Brookfield Brasil Shopping Centres is alleged to have paid US$ 663,000 in bribes to officials in Paulistia, Pernambuco, Brazil, to win permits for the developing of a shopping centre.

Brookfield is reported to have denied any irregularity in the case.

The World Bank has imposed sanctions on the L&T Group for a period of 6 months, effective March 7, 2013, making L&T ineligible for World Bank funded contracts or projects, or from receiving any loan proceeds from the World Bank Group.

The sanctions have been imposed on the L&T Group due to the misconduct of an ex-employee of the medical equipment business of L&T, whilst bidding for a tender in the year 2008. The ex-employee's conduct (that resulted in the World Bank sanctions) is contrary to the Code of Conduct of the L&T Group and does not reflect the values of L&T.

Based on the incident, controls were tightened across the L&T Group to prevent recurrence of any such incident.

Source: L&T