Nonpayment of Stradcom services for LTO worries World Bank unit.

(From BusinessWorld (Philippines))

Byline: Rommer M. Balaba

The International Finance Corp. (IFC), the World Bank's investment unit, expressed concern over the nonpayment of services Stradcom Corp. has rendered to the government since July last year.

"We are obviously quite concerned on the payments which are rightfully stated under the contract. It could affect our relations with the government given its commitments," IFC Country Manager Vipul Bhagat said in a phone interview yesterday.

IFC has a 15% equity stake at Stradcom International Holdings Inc., the holding firm of Stradcom Corp., notwithstanding a $20-million investment in support …