The DOJ said in a court filing Monday that the U.S. share of Odebrecht's "global" criminal penalty for its December FCPA resolution will be $93 million and not $260 million. That reduction means the combined Odebrecht/Braskem FCPA settlement isn't big enough to make the top ten list.
Entries in Odebreacht (11)
This week I had the pleasure and privilege of attending a public speech given by Judge Sergio Moro in Buenos Aires before an audience of local attorneys, businessmen, members of the judiciary and government officials.
As frequent readers of the FCPA Blog are well aware, nowadays companies must consider not only the anti-corruption regulatory regimes in their home jurisdictions, but also the criminalization and prosecution of bribery in other locales -- sometimes very distant ones -- where they do business.
At a time when U.S. leadership in the world is no longer a surety, we should be comforted to find another western hemisphere country proudly taking the lead.
The Brazilian judge overseeing the politically explosive investigation into a massive bribe and kickback scandal at the state energy company died Thursday in a plane crash.
While the U.S. share of Odebrecht's "global" criminal penalty for its December 21 FCPA resolution is not yet known, it's going to be at least $260 million. Its subsidiary, Braskem, agreed to pay the DOJ and SEC $159.8 million for FCPA offenses. If you combine them, their $419.8 million settlement lands fifth on our list of the biggest FCPA cases of all time.
Brazil construction giant Odebrecht S.A. and its petrochemical unit, Braskem S.A., pleaded guilty Wednesday to paying bribes around the world. The companies agreed to pay $3.5 billion for a global settlement with authorities in the United States, Brazil, and Switzerland.
Brazil petrochemical giant Braskem SA said Wednesday it will pay about $957 million in penalties and damages for a global settlement related to the Operation Car Wash corruption and kickback scandal.
Brazil petrochemical giant Braskem SA said Monday it has started discussions with the DOJ and SEC that could "lead to formal settlement negotiations and the resolution" of allegations that it paid bribes in exchange for supply contracts from state oil company Petrobras.
Another week, another fresh round of bribery allegations from Brazil.
Developing nations like Brazil devote huge sums of public money to construct the stadiums and other works necessary for sporting mega-events. These works are used for a few weeks or months, and then too often, usage declines. Brazil has already experienced this pain once in hosting the World Cup in 2014, and hopes to not revisit this pain with the 2016 Olympics.