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Braskem Self-Reports FCPA Probe

Jaclyn Jaeger | April 28, 2015

Brazil-based petrochemical giant Braskem said last week in a filing with the Securities and Exchange Commission that it has launched an internal investigation into potential violations of the Foreign Corrupt Practices Act.

Braskem said it is 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. “To the knowledge of the management, Braskem has not received any notification of the filing of any proceeding or investigation by Brazilian or U.S. authorities,” the company stated.

In response to the allegations, which were made public in lawsuits, the company’s management and board of directors this month approved plans to launch an internal...

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