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Eletrobras compliance failures result in $2.5M penalty in FCPA case

Jaclyn Jaeger | January 4, 2019

Brazil’s state-run power company Eletrobras has agreed to pay a $2.5 million civil penalty concerning violations of the internal accounting controls provisions and recordkeeping provisions of the Foreign Corrupt Practices Act, the Securities and Exchange Commission announced.

As Compliance Week previously reported, Eletrobras said it first launched an internal investigation in 2015, following testimony given by the former CEO of Camargo Corrêa related to the Brazilian government’s ongoing investigation of corruption allegations against Brazil’s state-owned oil company Petrobras, known as “Operation Car Wash.” That testimony alleged that the CEO of Eletronuclear received illicit payments from a consortium of companies bidding on a power plant project.

According to the SEC...

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