Agreement between the European Investment Bank and GE Steam Power (in relation to prohibited conduct by Alstom Power Systems S.A, Alstom Power Systems GmbH and Alstom Hrvatska d.o.o in the Sostanj Power Project, Slovenia)
The European Investment Bank and GE Steam Power have reached agreement regarding historical cases of Prohibited Conduct by various Alstom Steam Power companies, in particular, Alstom Power Systems S.A (France), Alstom Power Systems GmbH (Germany) and Alstom Hrvatska d.o.o (Croatia) in the Šoštanj Power Project in Slovenia.
According to the Agreement, the European Investment Bank has concluded its investigation and the three Alstom Steam Power companies involved have voluntarily agreed not to participate in any European Investment Bank project during exclusion periods of varying lengths (being 12 months for Alstom Power Systems S.A, 12 months for Alstom Power Systems GmbH and 18 months for Alstom Hrvatska d.o.o.), which started running from November 15, 2021 when they voluntarily agreed to refrain from involvement in European Investment Bank funded projects.
GE Steam Power has implemented and will continue to maintain its rigorous compliance procedures in these Alstom Steam Power companies that it acquired in 2015, to mitigate the risk of any similar issues arising in the future.
Additionally, the three companies involved will finance anti-corruption, integrity, sustainability, climate change and/or environmental protection activities and, in this context, have agreed to provide EUR 7 million to fund such projects in the next 5 years.
Furthermore, the three companies involved will cooperate with the European Investment Bank in the exchange of best practices in relation to compliance standards and the fight against fraud and corruption.
In addition, the three companies involved have settled the civil case in Slovenia.