Tenaris SA, a worldwide steel pipe maker, announced on Thursday that it will pay $78.1 million to settle US investigations into allegations that it paid bribes to gain business from Brazil’s state-owned oil major, Petrobras.
Without admitting or denying wrongdoing, the Luxembourg-based corporation will pay a $25 million civil penalty plus $53.1 million in disgorgement and interest to settle a civil investigation by the US Securities and Exchange Commission.
The U.S. Securities and Exchange Commission (SEC) has accused Tenaris of violating anti-bribery laws through its Brazilian unit.
The unit won more than $1 billion of contracts from Brazil’s state-run oil company Petrobras, the SEC says. Tenaris says it has terminated its agents in Brazil and significantly reduced its use worldwide.
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