April 14, 2022

An Italian judge has cleared energy services group Saipem and two former managers from charges of misleading investors in a share sale more than six years ago, judicial sources and lawyers told Reuters on Tuesday.

Milan prosecutors had asked the judge to put Saipem, former CEO Stefano Cao and former CFO Alberto Chiarini on trial. Read full story

“We are very satisfied with this fair judgment that has recognized non-existence of offences”, Cao’s lawyer Fabio Cagnola told Reuters.

Lawyers for Saipem and Chiarini also confirmed their satisfaction with the ruling

In 2016, energy group Eni sold a 12.5% stake in Saipem to Cassa Depositi e Prestiti to give the state lender joint control of the company. Saipem simultaneously carried out a capital increase of 3.5 billion euros ($3.81 billion).

Prosecutors alleged Saipem’s senior managers concealed the true financial state of the company, overestimating forecasts in group results and in the fundraising prospectus.

Under Italian law, a company can be prosecuted for offenses committed by its managers in its own interest.

The defendants have always denied the charges.

($1 = 0.9197 euros)

(Reuters – Reporting by Emilio Parodi and Alfredo Faieta, editing by Jane Merriman)

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