In this role, the SEC said the official continued to hide the truth about the intermediary.He was removed in 2012 after Eni learned that Saipem had entered into four contracts with the sham intermediary.

Norwegian wealth fund Norges Bank Investment Management has removed Italian energy groups Eni and Saipem from observation after finding that both have made progress in tackling corruption risks. Italian energy giant Eni said it will sell a 12.5 percent stake in oil and gas contractor Saipem to Fondo Strategico Italiano. Eni has reached a deal with the US Securities and Exchange Commission (SEC) to pay a fine to resolve sham payments in Algeria by Saipem.The latter was 43% owned by Eni at the time payments of 198 million euros ($215mn) were paid to an intermediary. Saipem Yards are located in four continents. This unnamed executive went on to serve as Eni’s CFO, from August 2008. The intermediary company funnelled some of the cash it received to Algerian government officials or those connect to them.Eni benefited from this by characterising these payments as “brokerage fees”, gaining dividends from Saipem. It did fail to keep accurate records of payments, though, and did not use its influence on Saipem to ensure sufficient internal controls.Saipem won at least seven contracts in return for its payments in Algeria from Sonatrach. The service company also took a tax deduction on fees paid to the intermediary.The intermediary business was owned by a well-connected Algerian who told Saipem in 2006 that if it wanted to win service contracts it would have to make payments.The Algerian Minister of Energy of the time described the owner of the intermediary as his “son”, the SEC report said.
In 2017 the $1 trillion fund decided to raise the issue of corruption risk But in its “responsible investment” report this week, the fund noted positive measures by the companies. Saipem is a company subject to the joint control of Eni Spa and CDP Equity Spa.

Eni has reached a deal with the US Securities and Exchange Commission (SEC) to pay a fine to resolve sham payments in Algeria by Saipem. The court found in Saipem’s favour because of “the inexistence of the alleged facts” and order the cash confiscated to be returned. The order also finds that a former senior executive at Saipem orchestrated the scheme at Saipem and, after he was hired to be the CFO of Eni, continued to facilitate Saipem's improper …
Picture taken September 26, 2019.

This represents 55,176,364 ordinary shares plus one share of Saipem’s share capital. “Norges Bank has therefore decided to discontinue this particular dialogue on corruption risk with Eni and Saipem under the guidelines for observation and exclusion of companies,” it said in the report. REUTERS/Flavio Lo Scalzo

The company was credited with a swift response to the problem and co-operated with SEC staff. Reporting by Stephen Jewkes; Editing by David GoodmanFILE PHOTO: Eni's Renewable Energy and Environmental R&D Center is seen in Novara, Italy, September 26, 2019. At December 31, 2018, the share capital of Saipem S.p.A. amounted to €2,191,384,693, divided into 1,010,977,439 shares without nominal value, of which 1,010,966,841 ordinary shares and 10,598 savings shares. In January an Italian appeals court acquitted Saipem and Eni of corruption in a long-running trial over bribery allegations in Algeria. Saipem is jointly controlled by Eni and state lender Cassa Depositi e Prestiti. The history, the governance, the values and the ethical principles and all the operational strategies of the Group. Merci de noter que Saipem sa, Saipem spa et leurs filiales recrutent leurs candidats grâce à des procédures spécifiques. Each one has its own distinctive specialization and features. Saipem won seven deals between 2007 and 2009 in Algeria.The service company’s then CFO knew of the inadequate due diligence and approved of the payments. Toute décision inhérente au processus de recrutement comme la sélection et l’embauche de candidats sont basées sur le mérite, les aptitudes et le professionnalisme ; il ne sera jamais demandé de frais quelle que soit l’étape engagée. The shares are indivisible and each share entitles its holder to one vote. When Scaroni was Eni CEO it was 43 percent owned by the energy major. Eni was acquitted of involvement in Saipem’s affairs in Algeria by a court in Milan in September 2018. Share capital. It added, however, that it would continue to raise relevant topics with the companies as part of its ordinary ownership dialogue. Eni, which jointly controls Saipem with state lender Cassa Depositi e Prestiti, is on trial in Milan over allegations that it bought a Nigeria oilfield in 2011 knowing most of the purchase price would go to agents and middlemen in bribes. MILAN (Reuters) - Norwegian wealth fund Norges Bank Investment Management has removed Italian energy groups Eni and Saipem from observation after finding that both have made progress in tackling corruption risks. Bedjaoui was given five years by the Milan court in 2018 but a new ruling, from January this year, acquitted him.A statement from Saipem in January noted that the Milan court of appeal had upheld complaints against the 2018 verdict. Fabrication yards are run successfully thanks to the mobility of our personnel, transfer of know how, best practices and systems. It did not name the minister but Chakib Khelil held the Minister of Energy and Mines portfolio from 1999 to 2010.Following this discussion, Saipem struck at least four deals with the intermediary, which had only a virtual office – in Switzerland – and one employee. According to the order, Eni, which at the time consolidated Saipem's financial statements into its own, failed to accurately record the true nature of the intermediary payments in its books and records. Eni.com: the business reality of Eni Corporate brand. This was determined to be a violation of the Foreign Corrupt Practices Act (FCPA).Eni agreed to pay $19.75mn in disgorgement of profits and $4.75mn of interest to the SEC to settle the case.