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Saipem Subject to Corruption Probe, CEO Steps Down - Corruption Currents - WSJ

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The board of Saipem SpA said Wednesday that the company is the subject of a corruption investigation and the chief executive stepped down.

Saipem’s board said the notice of inquiry related to an investigation into alleged corruption that took place until 2009 in connection with contracts in Algeria.

In the statement, Saipem said the company “believes that its business activities have been conducted in compliance with applicable law,” but it offered its cooperation with prosecutors in the case.

Despite not being a subject of the investigation, the board said Pietro Franco Tali, the chief executive, offered his resignation, adding that Tali expressed that he felt stepping down would better enable Saipem to respond to the probe.