Saipem and former managers sent to trial in profit warning case - sources

FILE PHOTO: A Saipem logo in seen on the bridge of the Saipem 10000 deepwater drillship in Genoa’s harbour, Italy, November 19, 2015. Picture taken November 19, 2015. REUTERS/Alessandro Garofalo

MILAN (Reuters) – An Italian judge has ordered oil contractor Saipem and former executives to stand trial on market manipulation and false accounting charges, sources said on Friday.

The trial, revolving around a profit warning issued in 2013, will begin on May 23, the sources said.

Fomer Chief Executives Pietro Tali and Umberto Vergine are among the managers to be sent to trial, the sources said.

Under Italian law, companies are responsible for the actions of their managers and can be fined if found guilty.

It was not possible to obtain a comment from the lawyers of the parties involved. They have previously denied any wrongdoing.

Reporting by Emilio Parodi, writing by Stephen Jewkes



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