An Italian appeals court has upheld a fine and seizure order, totaling 25.1 million euros ($28 million) against oil services company Saipem in a case relating to alleged corruption in Nigeria.
The sentence, read out during a public hearing, confirmed a lower court ruling in July 2013 that fined Saipem 600,000 euros and seized 24.5 million euros already provisioned for by a subsidiary of the group.
Saipem, which is 43 percent owned by oil major Eni, said in a statement it would appeal the decision, saying there were no grounds under Italian law for holding it liable.The Nigerian case related to Snamprogetti which was accused of paying bribes through a consortium called TSKJ to Nigerian officials to win contracts between 1994 and 2004.
Snamprogetti was a wholly-owned subsidiary of Eni until February 2006 when a deal was reached to sell it to Saipem. Snamprogetti was merged into Saipem in 2008.
“The decision … has no financial impact on Saipem as, at the time of the sale of Snamprogetti to Saipem, Eni undertook to indemnify Saipem for losses incurred in connection with the TSKJ matter,” Saipem said.