Tenaris Resolves U.S. Securities and Exchange Commission Investigation into Legacy Issue in Brazil; U.S. Department of Justice Closes Parallel Inquiry Without Taking Action
02 Giugno 2022 - 11:29PM
Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”)
has resolved a previously disclosed investigation by the U.S.
Securities and Exchange Commission (“SEC”) into allegations of
improper payments between 2008 and 2013 to a manager of the
Brazilian state-owned energy company Petróleo Brasileiro S.A.
(“Petrobras”) for the benefit of Tenaris’s Brazilian subsidiary
Confab Industrial S.A. (“Confab”). The U.S. Department of Justice
(“DOJ”) has informed Tenaris that it has closed its parallel
inquiry into this matter without taking action.
Tenaris voluntarily notified the SEC and DOJ of
this matter in 2016 and believes the resolution with the SEC is in
the best interest of the Company and its stakeholders. The Company
cooperated fully with investigators, as the SEC noted in its Order
Instituting Proceedings.
Under the settlement with the SEC, Tenaris
neither admits nor denies the SEC’s findings and will pay
US$53,100,338 in disgorgement and prejudgment interest and a
US$25,000,000 civil penalty to conclude the matter.
Upon learning of these allegations in connection
with an inquiry by Brazilian authorities, Tenaris conducted, with
the assistance of external counsel, an internal investigation and
found no evidence corroborating any involvement by Tenaris or its
directors, officers or employees in respect of improper payments.
Any such payments were made pursuant to an arrangement between a
third party working for Confab and a Petrobras official. An
internal investigation commissioned by Petrobras also found no
evidence that Confab obtained any unfair commercial benefit or
advantage from Petrobras in return for payments, including
improperly obtained contracts.
Tenaris and its affiliates are committed to
transparency and integrity based on the highest ethical standards
and strict compliance with the laws and regulations of all
jurisdictions in which they operate. As the SEC recognized in its
Order, Tenaris has implemented a range of process improvements and
remediation actions as part of its continuous focus on enhanced
compliance. Its remedial measures have included terminating its
commercial agents in Brazil and significantly reducing its use of
commercial agents worldwide.
Contact: Paul HolmesFinsbury Glover HeringM:
+1.646.281.6015paul@fgh.com
Some of the statements contained in this press
release are “forward-looking statements.” Forward-looking
statements are based on management’s current views and assumptions
and involve known and unknown risks that could cause actual
results, performance or events to differ materially from those
expressed or implied by those statements.
Tenaris is a leading global supplier of steel
tubes and related services for the world’s energy industry and
certain other industrial applications.
Giovanni SardagnaTenaris 1-888-300-5432www.tenaris.com
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