Tenaris, a company manufacturing pipes and related services for the global energy industry, has informed that an Italian court has dismissed a case against Tenaris’s Chairman and Chief Executive Officer and two other Board members over allegedly improper payments in Brazil.
Tenaris said it had been advised that the Milan court of first instance overseeing an investigation in Italy into allegedly improper payments made in Brazil prior to 2014 for the supposed benefit of Confab Industrial S.A., a Brazilian subsidiary of the Tenaris, dismissed for lack of jurisdiction the case brought by the public prosecutor against Tenaris’ Chairman and Chief Executive Officer Paolo Rocca and Board members Gianfelice Rocca and Roberto Bonatti, and the company’s controlling shareholder, San Faustin S.A..
According to Tenaris, the court stated that “the criminal proceeding should not even have been initiated”. The public prosecutor may appeal the decision.
