The European Investment Bank (EIB) and Gama Power Systems (Gama Power) have entered into a Settlement Agreement that addresses historical violations of the EIB Anti-Fraud Policy in connection with the Riga Thermal Power Plant 2 Unit 2 Project in Latvia contracted in 2010. This project was financed by the EIB.
As part of this settlement, Gama will be excluded from EIB financed projects for a 12 month period. Gama and its group will also implement improvements to its anti-corruption systems and controls and will closely cooperate and assist the EIB going forward in its efforts to investigate alleged prohibited conduct in EIB-financed projects. Both parties also agreed to exchange best practices in relation to compliance standards and the fight against fraud and corruption.