(Tiper Stock Exchange) – Saipemfollowing the press release released last December, informs that today, the Court of Algiers ruled in first instance in the criminal proceedings started in December 2022 in Algeria against Saipem in relation to the company’s participation in a 2008 tender relating to Rhourde Nouss QH competitive feed studies.
Based on the provision communicated to Saipem by its local lawyers, the Court of Algiers, in accepting the Company’s defenses, acquitted the latter of the charge of the crime of “violation of the laws and regulations on exchanges and capital movements from and abroad” and the crime of “trafficking in influences”.
The same Court also held Saipem liable for the crime of “increasing prices upon awarding contracts concluded with a public company of an industrial and commercial nature with the authority and influence of its agents, to obtain advantageous prices compared to those normally practised, or to modify, to their advantage, the quality of materials or services or delivery or supply times”, imposing only a fine equal to approximately 34,000 euros equivalent, at today’s exchange rate.
With reference then to the requests for civil action by Sonatrach and the Trésor Public, the Court of Algiers, acknowledging the absence of requests for damages by Sonatrach against Saipem, minimally accepted the requests of the Trésor Public, recognizing in favor of the latter a total compensation equal to approximately 680,000 euros equivalent at today’s exchange rate, the share of which directly pertaining to Saipem SpA is equal to approximately 170,000 euros equivalent at today’s exchange rate.
The Company, in welcoming the acquittal content of the decision, will appeal the sentence of the Court of Algiers, with consequent suspension of the criminal and civil effects of the same.