Fraud-busters swoop on Greek contracts involving €2.5B of EU recovery funds

This is the best summary I could come up with:

The probe is the latest blow to the credibility of the EU's post-pandemic economic recovery fund, originally worth €723 billion, which doles out loans and grants to the bloc's 27 countries.

The Greek investigation centers on public tender processes where companies allegedly colluded to avoid more than one of them competing for the same contract ― limiting the number of firms who benefited.

There has long been widespread criticism in the country about the way it is carried out, with allegations that companies collaborate over how and when to apply for a public tender, rather than allowing them to be competitive and offer better value for money.

Despite numerous reforms imposed by international creditors in return for bailout cash during the country’s debt crisis more than a decade ago, research suggests corruption has got worse rather than better.

In the tech sector companies report growing dissatisfaction as they fail to win government contracts, while others, some very small in size, have been awarded projects worth tens of millions of euros.

Its press office said: “OLAF does not usually issue comments on cases it may or may not be treating in order to protect the confidentiality of any possible investigations and of possible ensuing judicial proceedings, as well as to ensure respect for personal data and procedural rights. "

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