Italian court sentences Eni CEO to prison term

Italian court sentences Eni CEO to prison term

An Italian court has sentenced the chief executive officer of an oil major, Eni, Paolo Scaroni, to three years in prison.
The ruling, which came amidst a separate judicial inquiry into corruption allegations in Algeria concerning Eni and service unit Saipem, also bars Scaroni from holding public office for five years.
Eni, Italy’s largest industrial company with market cap of $90 billion is a major player in Africa’s oil and gas industry, holding key assets in Nigeria, Egypt, Tunisia, Libya and Algeria.
Recently, Saipem, which is 43 per cent owned by Eni was alleged to have been involved in a $268 million bribery scandal with a government official in a bid to secure contracts in Algeria worth an estimated $11 billion.
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