Cracks in CRIB over corruption charge!

The Credit Information Bureau (CRIB) is alleged to be embroiled in a questionable process over the procurement of key IT solution with management apparently disregarding a probe to the matter directed by the Prime Minister’s Office.

It is uncertain whether the CRIB management is keeping the Board of Directors in the dark or the latter is not competent enough to realise the modus operandi of those with vested interests. 

From late 2013, CRIB has been on the lookout for a competent party for the supply, installation, commissioning and maintenance of a robust IT solution.

The original Expression of Interests drew 12 responses out of which five were shortlisted for Request for Proposals. 

Thereafter, CRIB had undertaken site visits for two vendors but, following sojourns in South Africa and Australia, the respective parties were dropped for reasons best known to CRIB. Insiders later said that CRIB had pursued an Italian supplier which is allegedly being championed by those with vested interests at a much higher cost than the most qualified bidder, who is said to be the world’s leading supplier of credit information automation solutions. The latter had also suggested a more practical and prudent solution though such representations to CRIB management had fallen on deaf ears. 

Daily FT learns that given the seriousness of the situation and apparent unfair treatment, necessary representation was made to the Prime Minister’s Office requesting a proper probe into the matter. Notwithstanding this development, insiders say the CRIB management is allegedly trying to rush its preferred party through for the automation contract via the approval of the Board.

Sources alleged that CRIB as well as the hired consultancy firm had not followed best practices in a transparent manner with regard to the tender and an improper conclusion to the deal would jeopardise CRIB, which plays a key role in the overall soundness of the financial services industry.