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Legal Proceedings Report • Jun 11, 2024
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Legal Proceedings Report
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SARAS S.p.A.: the Court of Appeal confirms the non-suit judgement against the managers involved due to the non-existence of the fact in the judicial proceedings concerning alleged irregularities in the purchase of crude oil from Iraq
Milan June 11th , 2024 - In relation to the judicial proceeding relating to the crime pursuant to art. 648-ter criminal code referring to the purchase of crude oil from the Autonomous Region of Kurdistan in the period 2015-2016, Saras informs that following today's hearing the Court of Appeal of Cagliari confirmed the sentence of the Preliminary Hearing Judge which pronounced a non-suit judgment because the fact does not exist against the managers of the Company Franco Balsamo, Marco Schiavetti and Luca Cozzolino, and former CEO Dario Scaffardi.
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The Saras Group, founded by Angelo Moratti in 1962, is one of the leading players in the European energy and oil refining industry. Through the Parent Company Saras S.p.A., and its subsidiaries, Saras Trading SA, based in Geneva, and Saras Energia SAU, based in Madrid, the Group sells and distributes oil products in the domestic and international markets. The Group also operates in the production of electricity, through its subsidiaries Sarlux S.r.l. (IGCC plant) and Sardeolica S.r.l. (wind plant). The Group has about 1,591 employees and total revenues of about EUR 11.4 billion as at 31 December 2023.