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LatinNews Regional Monitor: Brazil & Southern Cone - 28 September 2018
In brief: Brazil
* Brazil’s state-owned oil company Petrobras has reached an agreement with the US and Brazilian authorities to pay a US$853.2m settlement, resolving claims that the company violated the US Foreign Corrupt Practices Act. Under the agreement, Petrobras accepts responsibility for the illegal actions of some of its former executives, while the US government recognises the company as being a victim of the corruption scheme uncovered by the ‘Car Wash’ investigation. Brazil’s public prosecutor’s office (MPF) will receive 80% of the settlement (US$682.6m), to be invested in a special fund, and the US Department of Justice and the Securities and Exchange Commission (SEC) will receive 10% each (US$85.3m). US Federal Bureau of Investigation (FBI) assistant director Robert Johnson said that the penalty would act as a deterrent to anyone looking to perpetrate fraud in the future.
