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.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only.
