Prosecuting Agency:
U.S. Securities and Exchange Commission
Type of Action:
SEC Administrative Proceeding
Docket or Case Number:
3-19751
Name of Prosecuting Attorneys:
Unknown
US Assisting Agencies: Unknown
Foreign Enforcement Action/Investigation: Unknown
Foreign Assisting Agencies: Unknown
Origin of the Proceeding:
Unknown
Whistleblower:
Unknown
Case Status:
Resolved
Summary
Eni S.p.A., an Italian company headquartered in Rome, engaged in the oil and gas, electricity generation, petrochemical, oilfield services and engineering industries. Eni’s American Depositary Receipts were registered with the SEC and traded on the New York Stock Exchange. Eni has been subject to a permanent injunction against violating the books and records and internal controls provisions of the FCPA since a July 2010 FCPA settlement in the Southern District of Texas.
Saipem S.p.A. was a subsidiary controlled by Eni, which, at the time of the misconduct, held a 43% interest in Saipem.
According to the documents in this case, between 2007 and 2010, Saipem entered into four sham contracts with an intermediary to assist in obtaining contracts awarded by Algeria’s state-owned oil company. Saipem conducted little or no due diligence on the intermediary and received no legitimate services from it. In all, Saipem paid approximately €198 million to the intermediary and was awarded at least seven contracts from the Algerian state-owned oil company. The intermediary subsequently directed a portion of that money to Algerian government officials, including the country's energy minister.
In a settled administrative proceeding initiated on April 17, 2020, the SEC ordered Eni to cease and desist violations of the books and records and internal controls provisions of the FCPA and to pay disgorgement of $19,750,000 and prejudgment interest of $4,750,000. The SEC noted the company's cooperation in the matter as well as its remedial acts.
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