Tenaris SA resolved an investigation by the Securities and Exchange Commission into its Brazilian subsidiary’s business with Brazilian state-owned company Petrobras, following the company’s self-reporting to the SEC and the Department of Justice. The DOJ agreed to close its investigation without any criminal penalty. Tenaris is a global supplier of steel pipes and related services for the world’s energy industry.
Under the June 2, 2022 agreement, the company will pay $42.8 million of disgorgement and prejudgment interest of $10.3 million and periodically report on its remediation and implementation of certain anti-corruption and Foreign Corrupt Practices Act compliance measures. The SEC’s resolution noted Tenaris’ cooperation and extensive remediation efforts and declined to impose a compliance monitor.
The S&C team representing Tenaris included Robert Giuffra Jr., Sergio Galvis, Brendan Cullen, Tony Lewis, Aviv Halpern, Nathan Golden and Gregory Smith.