The corruption scandal that has engulfed Saipem reaches up to the top management of the parent company Eni. The Milan prosecutor's office and the yellow flames, in fact, are investigating the CEO of Eni Paolo Scaroni. Right now, the Guardia di Finanza is searching his home in Rome, as well as the headquarters of ENI and the offices of Saipem.
At the center of the investigation the alleged maxi bribe of 197 million paid by Saipem to obtain an 11 billion dollar order in Algeria for the works of the Medgaz project and the Mle project, in joint venture with the Algerian state body Sonatrach, allegedly paid bribes for almost 200 million euros.
Therefore, Saipem cannot find peace, despite the rebound on the stock market and the announcement of new contracts for 3,2 billion euros. On the other hand, the Eni share collapses and, just a few minutes after the closing, it loses more than 4%, placing itself at the bottom of the Ftse Mib.
