Saipem said it is to appeal after being found guilty of corruption by an Italian court.
The offshore contractor was fined EU600,000 and had more than EU24.5million of assets confiscated after the ruling in Milan over accusations TSKJ Consortium had been paying bribes to Nigerian officials over a 10 year period.
Saipem said in a statement it was to appeal as it ‘believes that there are no valid grounds to consider the company responsible’, given it only acquired became part of the consortium through purchasing Snamprogetti, which held a 25% stake, in 2006.
“The decision taken today by the Court has no financial impact on Saipem since Eni, at the time of the sale of Snamprogetti SpA to Saipem, undertook to indemnify Saipem for losses to the detriment of the latter with reference to the TSKJ matter,” the company said in a statement.
