Defendant Name:
Snamprogetti Netherlands, B.V.
Defendant Type:
Subsidiary of Public Company
Document Reference:
2010-119
Document Details
Legal Case Name
SEC v. ENI, S.p.A. and Snamprogetti Netherlands, B.V.
Document Name
SEC Charges Italian Company and Dutch Subsidiary in Scheme Bribing Nigerian Officials With Carloads of Cash; ENI and Snamprogetti to Pay $365 Million to Settle FCPA Violations
Document Date
07-Jul-2010
Document Format
Civil Proceeding
Case Number
10-cv-02414
Federal District Court
Texas, Southern District of Texas
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On July 7, 2010,the SEC announced that it charged Italian company ENI, S.p.A. ("ENI") and its former Dutch subsidiary Snamprogetti Netherlands B.V. ("Snamprogetti") with multiple violations of the Foreign Corrupt Practices Act ("FCPA") in a bribery scheme that included deliveries of cash-filled briefcases and vehicles to Nigerian government officials to win construction contracts. According to the complaint against ENI and Snamprogetti, filed in federal district court in Houston, the SEC alleges, among other things, that ENI failed to ensure that Snamprogetti complied with ENI's internal controls concerning the use of agents, and that the books and records of both companies were falsified as a result of the bribery scheme. Without admitting or denying the SEC's allegations, ENI has consented to the entry of a court order permanently enjoining it from violating the recordkeeping and internal controls provisions in Sections 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act, and Snamprogetti has consented to the entry of a court order permanently enjoining it from violating the anti-bribery and recordkeeping and internal controls provisions in Sections 30A and 13(b)(5) of the Securities Exchange Act of 1934 and Rule 13b2-1. Both companies also consented to the entry of court orders that require them, jointly and severally, to pay $125 million in disgorgement. The proposed settlements remain subject to court approval. Additionally, to settle separate criminal proceedings brought by the U.S. Department of Justice, Snamprogetti agreed to pay an additional $240 million penalty.
Disgorgement & Penalty Information
Monetary Penalties:
Disgorgement
Individual:
Shared:
$125,000,000.00
Shared with: ENI, S.p.A.
Total Penalty
Individual:
Shared:
$125,000,000.00
Shared with: ENI, S.p.A.
Other Defendants in Action:
