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Braskem to pay $957M settlement in Petrobras corruption probe

Jaclyn Jaeger | December 15, 2016

Brazil-based petrochemical giant Braskem disclosed yesterday that it will pay a total amount of approximately US$957 million in penalties and damages to resolve a global settlement related to the massive corruption probe surrounding state-owned oil company Petrobras.

As Compliance Week previously reported, Braskem said in April 2015 that it was investigating allegations that two of its former executive officers made improper payments between 2006 and 2012 to Brazil’s state-owned oil company Petrobras in exchange for raw-material supply agreements.

As part of the global settlement with Brazilian authorities, Braskem said it entered into a leniency agreement with the Brazilian Federal Prosecutors Office. “As a result of the agreements, the company will continue to...

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