Tenaris’s Board of Directors Provides Full Support to its Chairman and Chief Executive Officer and two other Directors
LUXEMBOURG, Feb. 14, 2020 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE, Mexico: TS and MTA Italy: TEN) today issued the following statement:
Tenaris has been advised that the Italian court overseeing the investigation into alleged improper payments made in Brazil for the supposed benefit of Confab Industrial S.A., a Brazilian subsidiary of the Company, has decided to move the case to trial. The case involves 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 Company’s outside counsel previously reviewed the Italian prosecutors’ investigative file and has informed the Board that neither that file nor this magistrate’s decision sets forth evidence of involvement by any of the three directors in the alleged wrongdoing. Accordingly, the Board has concluded that no particular action is warranted at the present time, other than inviting the referred board members to continue discharging their respective responsibilities with the full support of the Board.
Tenaris is a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications.