January 22, 2019 / 8:03 PM / in 4 months

UPDATE 1-Italy prosecutors probe Saipem over market irregularities

(Recasts, adds detail, background)

MILAN, Jan 22 (Reuters) - Milan prosecutors have launched a probe into alleged market irregularities involving Saipem and some of its managers including its CEO, the oil service group said on Tuesday.

Saipem, controlled by oil major Eni and Italian state lender CDP, said the alleged irregularities involved false accounting, market manipulation and providing false information in a cash call prospectus.

The oil contractor said it was confident that the investigation would confirm it had done nothing wrong.

The probe follows a resolution last year by market watchdog Consob alleging Saipem had not fully complied with regulations when drawing up its 2015 and 2016 results.

The watchdog had also said there had been irregularities in a capital increase the company had launched early in 2016.

Saipem, led by chief executive Stefano Cao, later re-drafted its 2015-2016 results but said it did not share Consob’s judgment and filed an appeal with an administrative court.

In its statement on Tuesday, Saipem said that the prosecutors had launched an investigation into Cao, two other senior managers and a former executive at the company. (Reporting by Stephen Jewkes Editing by Valentina Za and Peter Graff)

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