Defendant Name:
ENI, S.p.A.
Defendant Type:
Public Company
SIC Code:
1311
CUSIP:
26874R10
Document Reference:
34-88679
Document Details
Legal Case Name
In the Matter of Eni S.p.A.
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
17-Apr-2020
Document Format
Administrative Proceeding
AAER
4124
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On April 17, 2020, the SEC instituted settled cease-and-desist proceedings against Eni S.p.A. The SEC stated: "Between 2007 and 2010, Saipem S.p.A. ("Saipem"), a subsidiary controlled by Eni S.p.A. ("Eni"), which at the time held a 43% interest in Saipem, entered into four sham contracts with an intermediary to assist in obtaining contracts awarded by Algeria's state owned oil company. Saipem conducted little or no due diligence before entering into the contracts, received no legitimate services from the intermediary, and falsely characterized its payments to the intermediary as lawful "brokerage fees" in its books and records, which were consolidated into Eni's during the relevant period. As a consequence, Eni, an Italian multinational oil and gas company whose American Depositary Receipts ("ADRs") are listed on the New York Stock Exchange, violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act ("FCPA")."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$19,750,000.00
Shared:
Pre-Judgment Interest
Individual:
$4,750,000.00
Shared:
