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Saipem to appeal Algerian court ruling in alleged corruption case

Saipem to appeal Algerian court ruling in alleged corruption case

 

Saipem said on Tuesday it would appeal against the decision of an Algerian court which had fined the Italian energy services group 192 million euros ($217.23 million) over alleged corruption in the award of a contract.

The company said it would book costs for an equivalent amount at the end of the fiscal year 2021, but added the payment was suspended following the appeal.

The Algerian court also sentenced two former Saipem employees to 5 years and 6 years in prison, respectively, while another had been acquitted of all charges, the company said, adding it had yet to receive the reasons for the ruling.

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Published: 15-02-2022

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