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  • EIB and Gama Settlement Agreement to address and combat fraud
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  • EIB and Gama Settlement Agreement to address and combat fraud
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  • 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.
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  • 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.

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  • Last modified-on: 28-08-2015