Anti-corruption requirements

Corruption undermines legal business, distorts competition, harms reputation and exposes companies and people for risk. GIEK, as a public enterprise under the Ministry of Trade, Industry and Fisheries, considers anti-corruption an integral part of our social responsibility.

GIEK opposes all forms of corruption. GIEK strive to reduce the risk for corruption and bribes towards GIEK or in transactions GIEK participates in.

GIEK deem anti-corruption as a continuous process. In all projects, GIEK scrutinize the transaction, participants and payments, aiming to reduce the potential for corruption.

GIEK seek to hinder corruption by way of information, data collection and declarations from exporter(s) and eventual co-applicant(s). There are terms against corruption in GIEK’s guarantee agreements, and work for its inclusion in corresponding loan agreements. According to the terms a loan can be terminated if corruption is uncovered. There are similar terms for the reduction or cancellation of guarantee responsibility

Terms to exporters and other applicants:

  1. GIEK shall as soon as possible in the process inform the civil and criminal consequences of corruption, including the Penal Code §§ 387-389, cf. §15. GIEK will if needed advice exporters, and any applicants, about the importance of developing, implementing and documenting procedures and systems to counteract corruption.
  2. GIEK requires exporters, and any other applicants, declare that neither they, nor anyone acting on their behalf in the transaction, have been involved in or will engage in corruption, in the transaction. Guarantees will not be issued without the exporter, and any other applicant, sign such a declaration.
  3. Exporter, and other applicant, must state whether there are other persons or companies acting on their behalf in the transaction. They must state their role and how the fee is calculated and payable.
  4. GIEK requires confirmation from exporter, and other applicant, that neither they nor anyone acting on their behalf in the transaction is on the World Banks, or the regional development banks lists, of companies which are banned because of corruption or other crimes.
  5. GIEK requires information about whether the exporter, and any other applicant or others acting on their behalf in the transaction:
    1. is indicted for corruption  or other financial misconduct, or
    2. the last five years has been convicted of corruption or other financial misconduct in a national court, or
    3. the last five years imposed national administrative measures due to corruption or other financial misconduct.