Francesco Caio, CEO of Saipem SpA
Saipem, maxi-fine from Algeria: fine of almost 200 million for the company led by Francesco Caio
A blow of almost 200 million for Saipem. The company led by Francesco Caio has been fined since court of Algiers for 192 million euros, in reference to the criminal proceedings underway since 2019 in Algeria relating, among other things, to the procedures for assigning the project in 2008 GNL3 Arzew.
In detail, the Algerian court ruled “against Saipem spa, Saipem Contracting Algeria e Snamprogetti spa Algeria Branch a fine and damages for a total amount equivalent to approximately 192 million euros. The outcome of the sentence will determine the recognition in the financial statements at 31 December 2021 of a charge of the same amount, whose payment however, it remains suspended following the appeal on appeal “, he warns Saipem in a note. The three companies will, in fact, file an appeal, which will make it possible to suspend the effects of the condemnation.
As he writes The printthe three companies were accused of infringing the Algerian law as regards the “price increase on the occasion of the award of contracts concluded with a public company a industrial character e commercial benefiting from the authority or influence of representatives of that company “and for”false customs declarations”.