Tenaris Pays $8.9M Over Uzbek Bribery Allegations

Law360, New York (May 17, 2011, 2:17 PM EDT) -- Tenaris SA agreed to cough up $8.9 million to federal regulators and prosecutors in separate agreements Tuesday over Foreign Corrupt Practices Act allegations that it bribed Uzbek officials to win lucrative oil and gas pipeline contracts.

The U.S. Securities and Exchange Commission deal, in which Tenaris agreed to pay $5.4 million in disgorgement and prejudgment interest, resolves allegations that Tenaris, a steel pipe manufacturer, bribed government officials to win a bidding process in Uzbekistan for contracts to supply oil and natural gas pipelines. Separately, Tenaris also...
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