Tenaris SA (TENR.MI), a global steel pipe manufacturer, announced on Thursday that it will pay $78.1 million to settle US investigations into allegations that it paid bribes to gain business from Brazil's state-owned oil major Petrobras (PETR4.SA).
Without admitting or denying wrongdoing, the Luxembourg-based corporation will pay a $25 million civil penalties plus $53.1 million in disgorgement and interest to settle a civil investigation by the US Securities and Exchange Commission.
According to Tenaris, the US Department of Justice has terminated a related investigation without taking any action. Petrobras was not held accountable.
Tenaris was accused by the SEC of violating the Foreign Corrupt Practices Act via a conspiracy involving agents and employees of its Brazilian subsidiary Confab Industrial.
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