Are the Big Ones Exempt from Due Diligence ? Is the EIB above it all?

The EIB (European Investment Bank) seems to be above requirements on due diligence according to an article recently posted in the Financial Times.

Two NGO-s, Counter Balance and The Corner House, claim that although there is enough "proof" to restart investigation on alleged bribery and misuse of funds by British directors at Nairobi-based Spencon the EIB refused to reopen the case.

The whole story starts in 2006/2007 when USD 48 mn where invested by the EIB in one fund which "re-invested" USD 15mn into Spencon before 2014. Spencon then went bankrupt in 2016.

Investigation was opened in 2017 and then closed in 2020 without providing any results or real consequences. In 2022 the two NGOs provided further documents and material, however the EIB until today has refused to restart the investigation, for whatever reasons.

#EIB #bribery #bankruptcy #financialinvestments #duediligence #EU