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Finsbury Glover Hering represents Tenaris, Luxembourg-based steel pipe company, as it agrees to pay $78M to settle Securities and Exchange Commission allegations that it violated the Foreign Corrupt Practices Act in connection with a bribery scheme at its Brazilian unit.
The SEC charged that the Brazil operation paid $10.4M to a Brazilian government official from 2008 to 2013 to get business from the government-owned Petrobras energy company.
“Tenaris failed for many years to implement sufficient internal accounting controls throughout its business operations despite known corruption risks,” said Charles Cain, chief of the SEC’s enforcement unit.
Under the settlement, Tenaris neither admits nor denies the SEC’s findings.
The SEC noted that this is not the first time that Tenaris was involved in a corruption scheme.
In 2011, it entered into a non-prosecution agreement with the Justice Dept. and a deferred prosecution pact with the SEC as a result of alleged bribes the company paid to obtain business from a state-owned entity in Uzbekistan.
Paul Holmes, FGH’s global managing partner, handles Tenaris.
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