Justice Department Announces Largest Corporate Bribery Penalty Ever
Justice Department Announces Largest Corporate Bribery Penalty Ever
December 21, 2016·4:31 PM ET
Two Brazilian companies accused of a massive bribery scheme will pay more than $3.5 billion in fines to U.S. and Brazilian authorities.
Under the agreement, the enormous construction conglomerate Odebrecht will pay $2.6 billion, and its petroleum subsidiary Braskem will pay approximately $957 million, for their dealings with the state-controlled Brazilian oil company Petrobras.
The U.S. Justice Department said it was the agency's largest corporate bribery resolution ever.
. . .
Although Odebrecht and Braskem are both based in Brazil, they trade their stock on U.S. markets and conduct business through U.S. banks, making them subject to U.S. anti-bribery laws. Both companies pleaded guilty to violating the U.S. Foreign Corrupt Practices Act.
More:
http://www.npr.org/sections/thetwo-way/2016/12/21/506297795/justice-department-announces-largest-corporate-bribery-penalty-ever
LBN:
http://www.democraticunderground.com/10141646086
