Tenaris to pay $78 million to settle U.S. charges on bribery scheme

06/03/2022

Less than a minute

2022.06.03 01:27

Tenaris to pay $78 million to settle U.S. charges on bribery scheme
The building of Tenaris company is seen at the UFRJ Technology Park in Rio de Janeiro, Brazil, June 7, 2016. REUTERS/Pilar Olivares/Files

(Reuters) – The U.S. Securities and Exchange Commission on Thursday said Tenaris SA, a maker and supplier of steel pipe products, will pay more than $78 million to resolve charges concerning a bribery scheme involving its Brazilian subsidiary.

According to the SEC, the bribe scheme involved agents and employees of the Brazilian unit seeking to win business from Brazilian state-owned oil company Petrobras, and lasted from 2008 to 2013.

Tenaris did not admit or deny wrongdoing in agreeing to settle charges it violated a U.S. anti-bribery law, the Foreign Corrupt Practices Act.

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06/03/2022

Less than a minute