Eni S.p.A. (Eni), 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.
According to its SEC filings, Eni disclosed that authorities in Italy and in other countries were investigating allegations of corrupt payments in connection with the award of certain contracts to Saipem SpA (Saipem), a subsidiary of Eni, related to allegations of international corruption and pertained to certain activities performed by Saipem Group companies in Algeria (in particular the contract between Saipem and Sonatrach relating to the construction of the GK3 gas pipeline and the contract between Galsi, Saipem and Technip relating to the engineering of the ground section of a gas pipeline).
Saipem commenced an internal investigation in relation to the contracts in question with the support of external advisors. In addition, in the course of 2013, Saipem completed a review aimed at verifying the correct application of internal procedures and controls relating to anticorruption and prevention of illicit activities, with the assistance of external consultants. Saipem provided Eni the findings of its internal review.
Eni commenced an internal investigation with the assistance of external consultants, in addition to the review activities performed by its audit and internal control departments and a dedicated team to the Algerian matters.
Eni contacted the U.S. Authorities – the DOJ and the SEC – in order to voluntarily inform them about this matter, considering the developments in the Italian prosecutors’ investigations since the end of 2012. Following this informal contact between Eni and the U.S. Authorities, both the SEC and the DOJ started their own investigations regarding this matter. Eni furnished various information and documents, including the findings of its internal reviews, in response to formal and informal requests.
As requested by the DOJ, in the course of 2013, Saipem entered into a tolling agreement with the DOJ to extend the statute of limitations applicable to possible violations of the federal laws of the USA in relation to certain past activities conducted by Saipem.
On October 1, 2019, Eni announced in a press release that the DOJ had concluded its investigation and would not be taking any further action.
On April 17, 2020, the SEC initiated an administrative proceeding against Eni, concluding its investigation into the company.
