The board of Brazil-based petrochemical company Braskem announced that it has approved a 410 million reais (U.S. $101 million) leniency agreement with authorities for concealing its role in a bribery scheme involving state-owned oil company Petrobras.

Braskem said the agreement with the Office of the Federal Controller General (CGU) and the Office of the Attorney General (AGU)—Brazil’s comptroller general’s office and the government’s solicitor general— encompasses the same facts that were the subject of the global settlement entered in December 2016 with the Brazilian Federal Prosecution Office, the U.S. Department of Justice, the U.S. Securities and Exchange Commission, and the Swiss Office of the Attorney General.

In 2016, Braskem paid U.S. $957 million in penalties and damages to resolve a global settlement related to the massive corruption probe surrounding state-owned oil company Petrobras.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal, enforcement, technology, and more.View full Profile

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