Eni is in the list... Of course!

The FCPA Blog discloses "The Corporate Investigations List" by U.S. Securities and Exchange Commission (SEC).

And the italian energy giant Eni is in the list... Of course!

For Sale

To honor commitments Eni makes money by selling assets.

See more at this link.

To pay shareholders, Eni sells assets!

Low oil prices have halted Eni’s plans to fund exploration activities and dividend payments with a major assets sale.

Italy’s Eni has already sold about $6.22 billion worth of assets, primarily from its refining operations.

The company still needs to raise $7.4 billion to fund an exploration program set to run through 2017.

Eni was looking to sell minority stakes in its Mozambique gas field along with a 43 percent stake in services player Saipem and interests in non-core assets.

Selling stakes in its Africa and Asia fields could free up cash and offset delays and spiking costs at the company’s offshore Norway and Caspian sea projects, Reuters said.

Weak oil prices have made it difficult for the company to find buyers willing to pay top dollar for the assets.

With global demand for LNG slowing potential buyers are also becoming more cautious about their investments.

Eni sold a 20 percent stake in its Mozambique gas field last year to China’s CNPC for about $4 billion and is now looking to unload a 10 to 15 percent stake.

The company has reportedly been in talks to sell the stake to the China Huadian Group for about a year.

The discussions have not yet yielded a sale agreement.

Eni said that for every $1 drop in the price of Brent it losses about $124 million.

Petro Global News

Eni will crumble! #Ethicsgate #Eni   -   The fall of Babylon (Is 47)

It's true!

It's true! Website of Eni is very very good! Access the Webranking Italy 2014 by Lundquist.

But, their business practices... Visit the news of this website!

What? Transparency?

This Transparency International report, Transparency in Corporate Reporting: Assessing the World’s Largest Companies, evaluates the transparency of corporate reporting by the world’s 124 largest publicly listed companies. The report assesses the disclosure practices of companies with respect to their anti-corruption programmes, company holdings and the disclosure of key financial information on a country-by-country basis. It follows on from a 2012 report which focused on the world’s 105 largest publicly traded companies. The report is part of a series of studies based on a similar methodology aimed at assessing the transparency practices of companies, the most recent being a 2013 report on leading emerging market companies.

Global companies have legal and ethical obligations to conduct their business honestly. This requires commitment, resources and the ongoing management of a range of risks – legal, political and reputational – including those associated with corruption. The implementation of a comprehensive range of anticorruption policies and management systems is fundamental to efforts to prevent and remediate corruption within organisations.

Eni is investigated for corruption in various countries including Italy! The former CEO, Paulo Scaroni, and current CEO, Claudio Descalzi, are investigated by "international corruption".

So, how Eni is the first in this ranking?

Internal Fraud... One more time!

Another internal fraud involving Eni employees. Tax evasion happened from Toscana but there are also concerns in Liguria, Lombardia, Sardegna e Lazio.

Access the news in full (only in Italian).

‪#‎ethicsgate‬ ‪#‎eni‬

The fall of Eni SpA

Eni's stock will plummet! Unethical actions destroy a company! #Ethicsgate #Eni

Eni will crumble! The fall of Babylon (Is 47)

Eni: now the company is detrimental to consumers for poor service!

News in Italian language

Eni will compensate with a compensation of EUR 25 per head more than 100,000 customers who have suffered disruptions both within the "protection" of the free market gas.

It has established the Energy Authority accepting the commitments presented by the company as a result of disciplinary proceedings initiated for violation of the regulation on the billing frequency (more than 79.000) and delays in sending the Bill for change of supplier (27,000 cases). 

The compensation for all those customers that at the October 31, 2013 (date of commencement of investigation) were interested in inefficiency, still present at December 31, 2013. 

The Authority informs that Eni has also committed to ensuring the automatic extension and the interest-free instalment amounts invoiced, to join for two years at "conciliation Service customers energy" of authority and to promote initiatives to encourage the gas meter reading of the counter. Specifically, reads the note, communications will be to raise awareness of the importance of self-support reading, messages to customers for which there are actual readings or customer self-metre reading for at least 12 months and data capture through post-it on the occasion of the "visit" of reading. 

In addition, as a result of requests made by associations of consumers and small businesses in the market test, i.e. the publication of the commitments that the parties may submit their comments-for Eni has added an additional commitment, or to pay compensation of EUR 10 to all customers in "protection" gas that after November 1, 2013 have suffered or will suffer a delay of invoicing not yet ceased to December 31, 2014.

Original text by Griddle Music. 

Eni is defeated in law suit against a whistleblower!

After killing the whistleblower in Brazil - who, following the words and the spirit of the company´s Code of Ethics, reported a millionaire scheme of corruption and internal fraud at the brazilian subsidiary - the giant Eni tried to terrorize,silence and kill the whistleblower in Italy filling a lawsuit for slander and offence, and demanding a compensation of € 30 million.

However, the judge of the Civil Court of Rome, did not accept the wily attempt of disqualifying and denigrating the whistleblower, and gave a unfavorable decision to Eni, besides ordering them to pay € 32.000.

Now, the lawyers of the whistleblower, in Brazil and in Italy,  have already studied reasonable judicial measures against Eni so that, finally, he can rescue and restore his name,  image,  honor and  reputation and, evidently, recieve from Eni the fair compensation for all the damage (moral and material) endured by him over the past 13 years.

This whistleblower was a victim of his own report and has had his professional life destroyed by a company which  did not and does not follow its own Code of Ethics.

David´s fight against the giant dog  of six paws will be continued!

The details of this story are available at this LINK and this blog.

Douglas Linares Flinto

Funder & CEO

Brazilian Business Ethics Institute

NOTE: This LINK you access the full sentence.

Eni è sconfitta nella causa contro un whistleblower!

Dopo aver ucciso il whistleblower in Brasile – che, in conformità con le parole e lo spirito del Codice Etico della azienda, ha denunciato un regime di corruzione milionario e frodi interne nella filiale brasiliana – il gigante Eni ha cercato di spaventare, ha cercato di far stare zitto e tentò di uccidere il whistleblower in Italia in un azzione giudiziale per calunnia e diffamazione, e chiedendo i danni di € 30 milioni.

Tuttavia, il giudice del Tribunale Civile di Roma, non ha accettato il subdolo tentativo di squalificare e denigrare il  whistleblower e ha dato sentenza sfavorevole alla Eni, oltre condannarla al pagamento di € 32.000.

Ora, gli avvocati del whistleblower, in Brasile e in Italia, già studiando misure giudiziarie applicabili contro la Eni, di essere finalmente in grado di salvare e ripristinare il suo nome, la sua immagine, suo onore e la sua reputazione e, naturalmente, ricevere il necessario compenso della Eni per tutti i danni (morali e patrimoniali) sofferti a lungo di questi più di 13 anni. 

Questo whistleblower è stato una vittima della propria denuncia, avendo avuto la sua vita professionale distrutta da una aziendaa che non ha cumpiuto e non compie e rispetta il proprio Codice Etico.

Continua la lotta di david contro il cane gigante di sei zampe!

I dettagli di questa storia sono disponibili a questo LINK e tutto questo blog.

Douglas Linares Flinto

Funder & CEO

Istituto Brasiliano di Business Ethics

Donwload la Sentenza (PDF)