An Italian judge has acquitted the former chief executive and chief finance officer of Saipem over allegations of financial impropriety at the company.
The Office of the Public Prosecutor in Milan began its probe into these allegations in early 2019, with former chief executive Stefano Cao and former chief financial officer Alberto Chiarini at the heart of investigations
Saipem reported that at a preliminary hearing in Milan on Tuesday the presiding judge said that "no offence was committed" by either the company or the two former executives.
The financially beleaguered contractor declared its "satisfaction" about the decision.
The hearing related to the alleged crimes of false accounting, plus false statements made in a prospectus and market manipulation.