United States: SEC says Italy’s Eni agrees to settle accounting charges in Algeria graft case

The U.S. SEC said on Friday Italian oil and gas group Eni had agreed to settle charges it breached corruption accounting rules over “improper” payments by a former unit in Algeria.

The Securities and Exchange Commission said in a statement Eni had “violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act in connection with an improper payment scheme” in Algeria by former unit Saipem.

Eni, whose ADRs are listed on the New York Stock Exchange, did not immediately reply to email messages for comment.

The SEC said Eni, without admitting or denying the SEC’s findings, had agreed to the entry of an order to cease and desist from violating the controls provisions and pay $24.5 million in disgorgement and prejudgment interest.

The full original article can be found at reuters.com

(Photo: Stefano Rellandini / Reuters File Photo)

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