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 | Investigations Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Investigations Dataset

 
Investigation into Tenaris' Activities in Brazil · Tenaris S.A.

Information & Summary

Investigation into Tenaris' Activities in Brazil

Related FCPA Matter:   Tenaris' Involvement in Brazil between 2008 and 2013 Information

Information & Summary

Investigation Name:    Investigation into Tenaris' Activities in Brazil

Trend:    Petrobras

Type of investigation:    Internal, SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:   

  • Brazilian Law Enforcement Agency
  • Italian Law Enforcement Agency
  • Swiss Law Enforcement Agency

Whistleblower:    Unknown

Summary

Tenaris S.A., headquartered in Luxembourg, was a global manufacturer and supplier of steel pipe products and related services to the oil and gas industry throughout the world.

In a 6-K filed on November 4, 2016, Tenaris disclosed that it had instituted an internal investigation into possible improper payments to Petrobras, the Brazilian state-owned oil company. Tenaris began the investigation after learning that Brazilian, Italian, and Swiss authorities were investigating the company's activities in Brazil. Tenaris disclosed the internal investigation to both the DOJ and SEC in October 2016 and said it intended to share the results of its internal investigation and cooperate with any investigations conducted by the agencies.

Though Tenaris had not previously confirmed that either the DOJ or SEC had initiated independent investigations into the company, in its 6-K filed on November 6, 2020, Tenaris disclosed that indeed both agencies had begun investigations and that the company was in discussions with them towards a potential resolution.

On June 2, 2022, Tenaris issued a press release stating that it had entered into a settlement with the SEC to resolve the investigation and that the DOJ had closed its investigation without taking any further action.

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