Italy court turns down Saipem's appeal over market watchdog ruling [Reuters]
SAIPEM SPA UNSP/ADR (SAPMY)
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Source: Reuters
In a resolution in 2018, Consob alleged Saipem had not fully complied with regulations over reporting results relating to 2016. The company later issued a press release providing a pro forma consolidated income statement and balance sheet for 2016 to comply with Consob's requests but said it did not share the regulator's judgment, filing an appeal with an administrative court. On Tuesday Saipem said the administrative court had thrown out its request to have the Consob resolution annulled. It said it reserved the right to appeal the latest ruling to a higher administrative court. Reporting by Stephen Jewkes; editing by Barbara Lewis
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