Saipem to go on trial on Nigeria charges: sources

Wed Jan 26, 2011 6:29pm GMT
 

MILAN (Reuters) - A Milan judge has decided Italian oil services group Saipem and five managers will go on trial over charges relating to bribery in Nigeria, legal sources said on Thursday.

The trial will start in Milan on April 5, the legal sources said, citing the Milan judge.

Saipem, controlled by Italian oil and gas group Eni, was not immediately available for comment.

In December, Saipem said it would pay $30 million to settle a Nigerian investigation into the case, which involves the construction of gas facilities by a consortium.

That deal resolved a probe into the activities of Saipem unit Snamprogetti Netherlands, part of the TSKJ consortium.

The consortium -- including U.S. company KBR Inc, France's Technip and Japan's JGC -- is being investigated in several countries over allegations it paid bribes to the Nigerian government to get contracts worth more than $6 billion.

Saipem said in December the charges would not affect its results because Eni had agreed to indemnify Saipem for the costs stemming from the inquiries when it sold Snamprogetti.

Saipem shares closed up 2.17 percent at 36.2 euros and Eni shares were up 0.23 percent at 17.65 euros. The STOXX Europe 600 Oil and Gas index was down 0.6 percent.

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