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Corruption Settlements, Coronavirus And The Road Paved With Good Intentions

good intentions

A guest post today from Hughes Hubbard & Reed attorneys Kevin Abikoff and Aline Osorio.

In connection with the 2018 consolidated anti-corruption resolution with Petrobras, the Brazilian prosecutors as part of the settlement with Petrobras sought and obtained approval to allow payment of $682 million from the settlement to benefit education and the environment in Brazil.

On March 19, 2020, the Brazilian prosecutor general applied to the Brazilian Supreme Court to redirect the unspent portion of the settlement funds away from their original destination and instead to be used in the fight against the COVID-19 pandemic in Brazil.

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Friday Roundup

Roundup

More on Major League Baseball’s FCPA scrutiny, Siemens, across the pond, ripple, and for the reading stack.

It’s all here in the Friday roundup.

MLB’s FCPA Scrutiny

This prior post highlighted Major League Baseball’s apparent FCPA scrutiny. According to this Sports Illustrated article:

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Yet Again, The DOJ Shoots Itself In The Foot

shootingselffoot

This is the fifth time this general post has appeared on FCPA Professor (see hereherehere, and here for prior posts).

So here it goes again.

The Department of Justice has long wanted companies to voluntarily disclose conduct that implicates the Foreign Corrupt Practices Act. Why then does the DOJ continually make decisions that should result in any board member, audit committee member, or general counsel informed of current events not making the decision to voluntarily disclose?

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Issues To Consider From The Petrobras Enforcement Action

Issues

This previous post went in-depth into the DOJ and SEC’s recent Foreign Corrupt Practices Act enforcement action against Petrobras which resulted in a net approximate $170 million enforcement action. This post continues the analysis by highlighting additional issues to consider.

First

The Petrobras enforcement action is believed to be the first ever FCPA enforcement action against a foreign government. As stated by the DOJ, Petrobras is a “state-owned and controlled oil and gas company.” As stated by the SEC, Petrobras is a “Brazilian government-controlled oil and gas company.” Reflective of this unusual aspect of the Petrobras enforcement action, the DOJ’s NPA states:

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