Eni S.P.A. Charged Again for Violations of the Foreign Corrupt Practices Act

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Saturday, May 23, 2020
Author: 
Miranda Bannister
Volume: 
36
Issue: 
5
Abstract: 

On April 17, 2020 the Securities and Exchange Commission (SEC) announced that the Italian multinational oil company Eni S.p.A. had agreed to settle charges that it had violated the Foreign Corrupt Practices Act in Algeria between 2007 and 2010.   The SEC charged the company, whose ADRs are listed on the New York Stock Exchange, with violating the books and records provision of the FCPA.  Details of the case resemble Eni's alleged violations of the FCPA in Nigeria in 2010, suggesting a pattern within the company and highlighting the high risk of corruption in the extractive industries.