The European Investment Bank (EIB) and the French company Egis International have entered into a settlement agreement that addresses Egis International’s failure to make the required disclosures in its covenants of integrity in connection with certain projects financed by the EIB.
As part of this settlement, Egis International will be subject to a conditional non-exclusion for a period of nine months starting from 16 May 2023. This means that Egis International remains eligible to participate in EIB-financed projects if it complies with the terms of the settlement agreement. In turn, the EIB will terminate its investigation and Egis International will enforce and enhance its compliance programme to meet the EIB requirements.
Furthermore, Egis International will closely cooperate with and assist the EIB in investigating alleged prohibited conduct in EIB-financed projects. Both parties also agreed to exchange best practices in compliance standards and combating prohibited conduct.
During the investigation, Egis International cooperated fully with the EIB and undertook to clarify the matters and provide information and materials related to the wrongdoing in full transparency. Also, Egis International proactively took steps to implement measures to enhance its corporate governance and compliance system to prevent such misconduct from recurring.