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Tenaris (NYSE:TS) pays greater than $78M to resolve costs that it violated the International Corrupt Practices Act in reference to a bribery scheme involving its Brazilian subsidiary, the SEC stated Thursday.
The SEC order discovered that in 2008-13, ~$10.4M in bribes funded on behalf of Tenaris’ (TS) Brazilian subsidiary was paid to a Brazilian authorities official in reference to the bidding course of at Petrobras.
The corporate consented to the SEC’s order with out admitting or denying any violation.
Tenaris’ (TS) “stability sheet stays strong, however detrimental money flows are regarding,” Badsha Chowdhury writes in an evaluation revealed just lately on Looking for Alpha.
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