A subsidiary of Spanish telecommunications provider Telefónica S.A. will pay $85.2 million to settle a charge that it violated the Foreign Corrupt Practices Act (FCPA) when it paid bribes to Venezuelan officials to gain preferential access to a currency auction.
Telefónica Venezolana has entered into a deferred prosecution agreement (DPA) with the U.S. Department of Justice to settle a charge of conspiracy to violate the anti-bribery provisions of the FCPA, the DOJ said Friday in a press release. As part of the DPA, Telefónica Venezolana will hire a chief compliance officer, invest in additional compliance resources, and establish risk assessment and audit processes. Telefónica S.A. and Telefónica Venezolana will also report on the progress of its remediation to the DOJ.
