(Finance) – The Brazilian Controladoria-Geral da Uniao (CGU) has concluded the administrative proceedings initiated against Saipem and Saipem do Brasil in reference to alleged irregularities in the award, dating back to December 2011, of the contract for the installation of a gas
pipeline by the BM-S-11 consortium.
Saipem announced this in a press release explaining that “the CGU has reformed the sanction indicated in the previous non-executive provision prohibiting contracting with the Public Administration issued on 29 December 2022, replacing it with that of the
temporary suspension limited to 2 years”.The requalification of the sanction – clarifies in the note – was also obtained thanks to the recognition by the CGU itself of the effectiveness of the Compliance model of the two companies involved.
The sanction “has no impact on projects already started by Saipem in Brazil, as it relates exclusively to potential new contracts, and concerns only relations with the Public Administration”. Despite the above – we read – “Saipem and Saipem do Brasil intend to challenge the decision in the appropriate jurisdictions, considering it inconsistent with what was demonstrated during the proceedings”.