The Securities and Exchange Commission (SEC) charged Italian company ENI and its former Dutch subsidiary Snamprogetti Netherlands with multiple violations of the Foreign Corrupt Practices Act (FCPA) in a bribery scheme that included deliveries of cash-filled briefcases and vehicles to Nigerian government officials to win construction contracts. Snamprogetti and ENI will jointly pay $125m to settle the SEC’s charges, and Snamprogetti will pay an additional $240m penalty to settle separate criminal proceedings announced today by the US Department of Justice.
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