Tenaris to Pay SEC $78 Million to Resolve Bribery Allegations
02 Junho 2022 - 7:40PM
Dow Jones News
By Dean Seal
Tenaris SA will pay $78 million to resolve the U.S. Securities
and Exchange Commission's allegations that its Brazilian subsidiary
engaged in bribery to secure business from the state-controlled oil
giant Petroleo Brasileiro, or Petrobras.
The company, which provides steel pipes and services to the
energy industry, neither admits nor denies claims that its
subsidiary, Confab Industrial SA, paid $10.4 million in bribes
between 2008 and 2013 to the Brazilian government in order to
obtain more than $1 billion in contracts from Petrobras.
Tenaris said in a statement Thursday that it voluntarily alerted
the SEC and the Justice Department to the matter in 2016 and has
cooperated fully with investigators. The DOJ has closed a parallel
investigation into the matter without taking action.
An internal investigation found no evidence that Tenaris or any
of its employees were involved in making improper payments, the
company said, and "any such payments" were made between a third
party working for Confab and a Petrobras official.
A separate internal investigation by Petrobras turned up no
evidence that Confab obtained any unfair advantages in return for
payments, Tenaris said. Petrobras reached an $853.2 million
settlement with U.S. and Brazilian authorities in 2018 to end
multiple investigations into a vast bribery and kickback scheme in
Brazil.
As part of its deal with the SEC, Tenaris will pay more than $53
million in disgorgement and interest, along with a $25 million
fine. The company said it has already terminated its commercial
agents in Brazil and significantly reduced its use of commercial
agents worldwide.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
June 02, 2022 18:25 ET (22:25 GMT)
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