Italian court dismisses case against Tenaris’s Chairman and Chief Executive Officer and two other Board members over allegedly improper payments

Rhea-AI Summary

Tenaris S.A. (NYSE: TS) announced that the Milan court dismissed the criminal case against its Chairman Paolo Rocca, Board members, and controlling shareholder San Faustin S.A., related to alleged improper payments made in Brazil before 2014. The court ruled that the case lacked jurisdiction and indicated that the criminal proceeding was unfounded. The public prosecutor has the option to appeal this decision.

Tenaris is known for supplying steel tubes and services for the energy industry and other industrial applications.

Positive

• The dismissal of the case by the Milan court eliminates legal risks for senior management and the controlling shareholder, potentially stabilizing governance.
• The court's ruling affirms the company's integrity, which can enhance investor confidence.

Negative

• The public prosecutor may appeal the decision, leaving the possibility of future legal challenges open.

LUXEMBOURG, May 26, 2022 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) was advised today that the Milan court of first instance overseeing an investigation in Italy into allegedly improper payments made in Brazil prior to 2014 for the supposed benefit of Confab Industrial S.A., a Brazilian subsidiary of the Company, dismissed for lack of jurisdiction the case brought by the public prosecutor against each of Tenaris’s Chairman and Chief Executive Officer Paolo Rocca and Board members Gianfelice Rocca and Roberto Bonatti, and the Company’s controlling shareholder, San Faustin S.A.. The court stated that “the criminal proceeding should not even have been initiated”. The public prosecutor may appeal the decision.

Tenaris is a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications.

Giovanni Sardagna        
Tenaris
1-888-300-5432
www.tenaris.com

FAQ

What was the outcome of the Milan court case involving Tenaris?

The Milan court dismissed the case due to lack of jurisdiction, stating the criminal proceeding should not have been initiated.

Who was involved in the dismissed case against Tenaris?

The case involved Tenaris's Chairman Paolo Rocca, Board members Gianfelice Rocca and Roberto Bonatti, and controlling shareholder San Faustin S.A.

Can the public prosecutor appeal the Milan court's decision regarding Tenaris?

Yes, the public prosecutor has the option to appeal the Milan court's decision.

What are Tenaris's main business operations?

Tenaris is a leading global supplier of steel tubes and services for the energy industry and certain industrial applications.