Italian oil company Eni said in a recent regulatory filing it is in “advanced discussions” regarding a resolution to a Securities and Exchange Commission probe into allegations of corruption for the award of certain contracts to Eni’s former subsidiary Saipem in Algeria.
In 2011, Eni received from the Public Prosecutor of Milan an information request concerning allegations of international corruption pertaining to certain activities performed by Saipem Group companies in Algeria—in particular, a gas pipeline contract between Saipem and Sonatrach and a contract between Galsi, Saipem, and Technip for engineering of the ground section of a gas pipeline.
In 2012, Eni contacted the U.S. Department of Justice and the SEC to voluntarily inform them about the matter and has kept them informed about the developments in the Italian prosecutors’ investigations and proceedings.
Following Eni’s notification, both the SEC and the Department of Justice started their own investigations regarding this matter. “Eni has furnished various information and documents, including the findings of its internal reviews, in response to formal and informal requests,” the company stated in its April 2 regulatory filing.
In September 2019, the Department of Justice notified Eni that based on the information it currently possessed, it was closing its investigation without filing any charges. Eni said it is “currently in advanced discussions with the SEC about a potential resolution of the SEC’s investigation.”