An SEC filing last week by a giant Italian oil company showed how a corruption investigation has grown, starting three years ago in Nigeria but spreading now to include Algeria, Congo, Kazakhstan and Kuwait.
Eni SpA first disclosed potential FCPA-related violations in an SEC filing in September 2014. The company’s Form 6-K (Report of Foreign Issuer) disclosed “alleged international corruption” related to the acquisition of offshore Block OPL 245 in Nigeria.
But Eni’s disclosure last week in a new Form 6-K filed with the SEC on September 7 revealed how the FCPA-related investigation has expanded and spread over the past three years.
- 0 subsidiaries named
- 1 country involved
- 3 government agencies involved
- 1 industry involved
- 5 subsidiaries named
- 5 countries involved
- 6 government agencies involved
- 2 industries involved
This is a small sample of the information Eni included in the new 2,700-word disclosure about the FCPA-related investigation.
The original 2014 disclosure was 247 words.
The Italian government controls about a third of Eni. The company, considered an oil and gas “super major,” operates in 73 countries with 33,000 employees.
Eni SpA trades on the NYSE under the symbol E.
A version of this post first appeared on the FCPA Tracker blog and is republished here with permission.