The CEO of Italian energy giant Eni, Paolo Scaroni, was sentenced to three years in prison Monday over inadequate environmental standards at a power plant when he was CEO at Italian utility Enel.… Continue Reading
The Financial Action Task Force (FATF) identified jurisdictions that have strategic deficiencies in their anti-money laundering and financing of terrorism controls in a public statement Friday.
The FATF is a membership body that sets the global standards for anti-money laundering (AML) and financing of terrorism (FT) programs and controls.… Continue Reading
Italian state-owned oil giant Eni SpA said a forensic audit proved the company didn’t pay any bribes in Algeria.
Italian and Algerian government investigators have been examining allegations that officials from Saipem SpA, owned 43% by Eni, paid bribes for contracts in Algeria worth billions of dollars.… Continue Reading
Canada’s scandal-plagued SNC-Lavalin has been barred from World Bank-funded projects for ten years because of alleged corruption in Bangladesh and Cambodia.
The World Bank announced the ban Wednesday.
It debarred parent-company SNC-Lavalin Inc.… Continue Reading
Company Involved: SNC-Lavalin
Industry Subsector: Heavy Construction
Official Involved: Chakib Khelil, former energy minister
Enforcement Action: Investigation
Summary: The probe into SNC-Lavalin’s activities around the world has reached Algeria.… Continue Reading
Oil services firm Nabors Industries Ltd. said Wednesday the DOJ won’t bring an FCPA enforcement action after an investigation first launched more than five years ago.
Italian oil and gas drilling contractor Saipem SpA confirmed that it is under investigation for corruption by Italian authorities for alleged payments in Algeria.
Saipem’s board said Wednesday the payments allegedly relate to conduct that occurred before 2009.… Continue Reading