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Source: European Investment Bank

The EIB and Sediver SAS, the French entity of the Sediver group, have come to an agreement regarding Prohibited Conduct committed in 2010 in connection with one package relating to the refurbishment of a 400kV HVAC transmission line under the EIB-financed Regional and Domestic Power Markets Development Project (PMEDE) in the Democratic Republic of Congo.

The European Investment Bank and Sediver SAS, the French entity of the Sediver group, have come to an agreement regarding Prohibited Conduct committed in 2010 in connection with one package relating to the refurbishment of a 400kV HVAC transmission line under the EIB-financed Regional and Domestic Power Markets Development Project (PMEDE) in the Democratic Republic of Congo. According to this agreement, Sediver SAS will be conditionally non-excluded for a period of two years starting as of the entry into force of the agreement (i.e., as from 24 September 2019). This means that Sediver SAS remains eligible to participate in EIB financed projects as long as it complies with the terms of the settlement agreement. In turn, the European Investment Bank will conclude its investigation and Sediver SAS will fully cooperate with the European Investment Bank in the exchange of best practices in relation to compliance standards and in the fight against fraud.

Since the beginning of the investigation, Sediver SAS has cooperated with the EIB in clarifying matters related to the wrongdoing addressed. In addition, from 2015 onwards, Sediver has considerably reinforced its compliance management system, processes and resources to support its high ethical standards.

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