On Friday April 17th, 2020, the US S.E.C said that Eni the Italian Oil and Gas group agreed to settle charges it breached corruption accounting rules over improper payments in Algeria by a former unit Saipen. The allegations were that Saipem paid intermediaries about 198M euros to secure contracts worth 8B euros with Algeria’s state owned Sonatrach. Eni neither admitted nor denies the SEC allegations, but has agreed to pay $24.5M in disgorgement and prejudgement interest. I have still not been able to understand why would you pay up if you didnt do anything wrong!
Eni settles with the SEC
Apr 28, 2020 | Accounting Frauds | 0 comments