EIB and AGETIP-EW sign settlement agreement to address and combat fraud

The European Investment Bank (EIB) and the company AGETIP Engineering & Works (AGETIP-EW) established in the Democratic Republic of the Congo have entered into a settlement agreement that addresses historical misconduct in connection with the AEP Abidjan project. The project had been financed by the EIB.

AGETIP-EW is concerned as a subsidiary of AGETIP-BENIN on whose behalf it submitted and had its local partner submit an offer without taking the necessary precautionary measures to ensure the veracity and authenticity of information that this offer contained.

AGETIP-EW will closely cooperate with the EIB and assist it in its efforts to investigate prohibited conduct in EIB-financed projects.

AGETIP-EW remains eligible to participate in EIB-financed operations and activities, to participate in EIB-financed tenders and to be awarded EIB-financed contracts, provided that AGETIP-EW complies with the terms of the settlement agreement.

During the investigation process, AGETIP-EW cooperated in full with the EIB and helped clarify matters and provided information and material related to the wrongdoing addressed in full transparency.