By Liam Moloney
MILAN--A court in Milan has fined Saipem SpA (SPM.MI) 600,000 euros
($780,000) and ordered the confiscation of EUR24.5 million of assets
after Thursday finding Italy's biggest oil services company, by market
value, guilty of corruption in Nigeria.
The Milan court found Saipem guilty of corruption for a period leading
up to 2004 that led to the awarding of liquefied natural gas works in
Nigeria's Bonny Island. Milan prosecutors had asked for a fine of
EUR900,000, as well as the amount that the court confiscated.
The full written ruling will be published within 90 days, in accordance to Italian rules.
The Milan-based company said it will appeal the verdict. In a
statement, it said the ruling won't have a financial impact as Eni SpA
(E) is liable for any payments in relation to the Nigerian case as part
of an agreement in 2006 to sell to Saipem the unit involved in the case.
Saipem's biggest shareholder is Eni with a 43% stake.
The oil services company has shocked investors with two profit
warnings in six months and after it emerged late last year that Milan
prosecutors were investigating it for possible corruption in Algeria.
Saipem denies any wrongdoing.
At 1410 GMT, Saipem shares rose 0.6% at EUR14.47, down from stronger
gains earlier in the day. Italy's FTSE Mib Index rose 0.1% at the same
time.
(Laura Bonadies of MF DJ contributed in Milan.)
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