Italy's Saipem to appeal Algerian ruling, fine over Arzew contract
Reuters
Published Jun 28, 2022 20:04
Updated Jun 28, 2022 20:52
MILAN (Reuters) -Italian energy services firm Saipem said it would challenge Tuesday's decision by an Algerian court to uphold a previous ruling and fine against the company in a case centred around a natural gas contract.
Saipem said in a statement the court of appeals of Algiers had ruled the company and some of its units obtained the Arzew contract with a higher price than warranted.
Saipem said the upheld ruling had imposed fines and damages on Saipem and its units for an amount equivalent to 199 million euros ($209 million) at current exchange rates.
Saipem said that following the first degree ruling it had set aside the sum in last year's accounts though the payment was on hold pending the appeal.
"Saipem notes that the Italian judiciary authority - further to criminal proceedings in which also the ... award in 2008 of the project GNL3 Arzew had been analysed – fully acquitted the company on Dec. 14, 2020," it said.
Saipem on Monday launched a 2 billion euro new share sale to bolster its finances after a surprise profit warning earlier this year. [nL8N2YA543]
($1 = 0.9508 euros)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.