EIB - European Investment Bank

06/17/2025 | News release | Distributed by Public on 06/17/2025 03:51

EIB excludes Sieyuan Electric Co., Ltd. for 12 months to address and combat fraudulent practice

The Chinese company Sieyuan Electric Co., Ltd. (Sieyuan) has received a 12-month exclusion from EIB-financed projects due to its historical misconduct in connection with an EIB-financed project in Tanzania. The exclusion was reached through a negotiated settlement agreement.

As part of this settlement, Sieyuan will be excluded from participation in EIB projects for a period of 12 months. Sieyuan will closely cooperate with the EIB, assist it in its efforts to investigate prohibited conduct in EIB-financed projects, and maintain its corporate governance and compliance system to ensure that such misconduct is not repeated.

During the investigation process, Sieyuan cooperated in full with the EIB and helped clarify matters and provided information and material related to the wrongdoing addressed in full transparency.

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