LatinNews Daily - 02 December 2019

Brazil: On 22 November Samsung Heavy Industries Company Limited, a South Korea-based engineering company that provides shipbuilding, offshore platform construction, and other construction and engineering services, has reached an agreement with the US Department of Justice to pay US$75m in global penalties to resolve a bribery investigation regarding payments of millions of dollars to members of Brazil’s state-owned oil company, Petrobras. According to Assistant Attorney General Brian Benczkowski of the Justice Department’s Criminal Division, the Samsung subsidiary had “paid millions of dollars to a Brazilian intermediary, knowing that some of that money would be used to bribe high-level executives at Petrobras and obtain a lucrative shipbuilding contract”. By their own admission, Samsung Heavy Industries, from 2007 to 2013, had provided approximately US$20m in commission payments to a Brazilian intermediary knowing that portions of the money would go to Petrobras and would secure them business advantages.

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