Avianca Holdings disclosed in a regulatory filing Wednesday that the Securities and Exchange Commission (SEC) has dropped its investigation into the Latin American airline holding company and will not recommend an enforcement action.
Avianca first disclosed in August 2019 that it was investigating possible violations of the Foreign Corrupt Practices Act (FCPA) and other anti-bribery laws concerning free and discounted airline tickets and upgrades given to government officials in certain countries. Through its internal processes, the company said it discovered employees, possibly including members of senior management and members of the board, “provided things of value.”
Avianca self-reported the investigation to the Department of Justice and the SEC.
“On June 1, 2021, the company received a confirmation that the staff of the Commission has concluded its investigation and, based on the available information, will not recommend enforcement action against the company,” Avianca stated in its filing Wednesday.
The company did not give an update on the status of the Justice Department investigation.
No comments yet