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New disclosure shows spreading Eni bribery probe

An SEC filing last week by a giant Italian oil company showed how a corruption investigation has grown, starting three years ago in Nigeria but spreading now to include Algeria, Congo, Kazakhstan and Kuwait.

Eni SpA first disclosed potential FCPA-related violations in an SEC filing in September 2014. The company's Form 6-K (Report of Foreign Issuer) disclosed “alleged international corruption” related to the acquisition of offshore Block OPL 245 in Nigeria.

But Eni’s disclosure last week in a new Form 6-K filed with the SEC on September 7 revealed how the FCPA-related investigation has expanded and spread over the past three years.

2014 Disclosure:

  • 0 subsidiaries named
  • 1 country involved
  • 3 government agencies involved
  • 1 industry involved

2017 Disclosure:

  • 5 subsidiaries named
  • 5 countries involved
  • 6 government agencies involved
  • 2 industries involved

This is a small sample of the information Eni included in the new 2,700-word disclosure about the FCPA-related investigation.

The original 2014 disclosure was 247 words.

The Italian government controls about a third of Eni. The company, considered an oil and gas "super major," operates in 73 countries with 33,000 employees.

Eni SpA trades on the NYSE under the symbol E.

A version of this post first appeared on the FCPA Tracker blog and is republished here with permission.

Reader Comments (1)

This was the company which received the first ISO 37001 certification.
September 11, 2017 | Unregistered CommenterThomas Fox
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