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Saipem: Italian High Court decision will have no financial impact on the company


Published Feb 15, 2016
Saipem-2

The sixth criminal section of the Italian High Court (Corte di Cassazione) handed down its ruling on Saipem's appeal against the February 2015 sentence of the second criminal section of the Milan Court of Appeal, which concerned offences alleged to have been committed in Nigeria by Snamprogetti Netherlands BV in connection with the activities of the TSKJ Consortium.

The High Court turned down Saipem's appeal against the Appeal Court’s sentence, which had upheld the ruling of the fourth criminal section of the Court of Milan, which in July 2013 ordered the Company to pay €600,000, as well as the confiscation of the deposit of €24,530,580, in connection with offences covered by Italian Legislative Decree 231/2001 for which the Company is alleged to be responsible. This deposit was paid by Snamprogetti Netherlands BV to the Milan Public Prosecutor's office in February 2011.

Tags: Saipem




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