Petrobras Exits NPA
As highlighted here, in September 2018 Petrobras (a Brazilian state-owned and state-controlled energy company) entered into agreements with U.S. and Brazilian authorities “in connection with Petrobras’s role in facilitating payments to politicians and political parties in Brazil, as well as a related Brazilian investigation.”
After various credits and deductions for a related law enforcement action in Brazil, the net FCPA settlement was approximately $170 million ($85.3 million DOJ, $85.3 million SEC).
The DOJ action was resolved through a three year non-prosecution agreement pursuant to which Petrobras, among other things, committed to continue to enhance its compliance program and internal controls, including ensuring that its compliance program satisfied the minimum elements set forth in an attachment to the NPA.
Petrobras recently announced that it has “concluded the obligations” set forth in the NPA.
Corruption Settlements, Coronavirus And The Road Paved With 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.
Friday Roundup
Scrutiny alerts and updates, reminder, OECD Article 5, ripple, and for the reading stack.
It’s all here in the Friday roundup.
Scrutiny Alerts and Updates
Deutsche Bank
The company has been under scrutiny since 2013 and recently disclosed in its annual report:
Friday 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:
Yet Again, The DOJ Shoots Itself In The Foot
This is the fifth time this general post has appeared on FCPA Professor (see here, here, here, 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?