Petroleum Africa
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Friday, July 19, 2013
Italian firm Saipem reported that its internal investigation found no evidence of illegal payments to Algerian officials. While the company said there were no illegal payments made it did discover a number of violations regarding its internal procedures.
The firm was under investigation by US and Italian officials over possible corruption for some of its contracts in Algeria, as well as issuing two profit warnings. It denies wrongdoing and will hand over its investigation results to prosecutors in Milan.
In a statement, Saipem said the internal investigation was conducted by external consultants in relation to some brokerage contracts and subcontracts in Algeria. No evidence of payments to Algerian public officials was found. Although the company said no evidence was found it did say that its board of directors decided to take legal action against certain former employees and suppliers to protect its interests.
Saipem has also revealved that, at the request of the US Department of Justice, it entered a “tolling agreement” that extends by six months the limitation period applicable to any possible violations of US federal laws. The agreement doesn’t constitute admission of unlawful acts by Saipem. The company added that it was working with US in an investigation into possible irregularities.
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