Saipem probe finds ‘no evidence of payments’

Saipem700018 July 2013 – An internal investigation by oil service company Saipem found no evidence of bribes paid to public officials in Algeria but did determine that corporate rules and procedures were broken, the Italian player said Wednesday.
Saipem, owned 43% by top Italian group Eni, has faced allegations that it paid bribes to secure the Medgaz and Mle contracts in Algeria in a joint venture with state-owned energy group Sonatrach.

“The Board has decided to initiate legal action to protect the interests of the Company against certain former employees and suppliers, reserving any further action if additional elements would emerge,” Saipem said in a statement.

The company has juggled myriad problems of late amid the accusations from an exodus of executives to multiple profit warnings.
*Kathrine Schmidt, Upstreamonline

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