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Saipem fined for noncompliant offer documentation during 2016 capital increase


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Saipem fined for noncompliant offer documentation during 2016 capital increase

Italian oilfield services company Saipem SpA said March 12 that the Italian Companies and Exchange Commission fined it €350,000 for allegedly failing to comply with rules when it issued offer documentation to the public during a capital increase operation implemented from January to February 2016.

The commission imposed administrative fines of €200,000 for Saipem CEO Stefano Cao and €150,000 for the former manager who drafted the company's accounting documents during the capital increase in 2016.

The fines were the result of a sanctioning administrative procedure the commission's Information Division launched in April 2018.

However, Saipem said the commission dismissed administrative proceedings it launched in April 2018 against the nonexecutive directors of the board during the alleged breaches.

In April 2018, Saipem appealed the commission's resolution that found that Saipem had not complied with rules in preparing separate and consolidated financial statements for 2015 and 2016. The appeal is pending judgment before the Regional Administrative Tribunal of Lazio.

The company said in January that it was committed to cooperating in the Milan investigation a local prosecutor was conducting after the company was accused of false accounting and market manipulation.