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Petrobras case sheds light on how to avoid a corporate monitor

Jaclyn Jaeger | October 5, 2018

Any company under investigation by the government looking to avoid the appointment of a compliance monitor will want to take a page from Petrobras’ playbook. 

The Brazilian state-owned energy company on Sept. 27 reached a coordinated settlement with U.S. and Brazilian authorities for a combined total of $853.2 million for its role in one of the largest political corruption investigations, dubbed “Operation Car Wash,” the world has ever seen. As part of the three-year non-prosecution agreement entered with the Department of Justice, Petrobras admitted that executives at the highest levels—including members of its executive board and board of directors—facilitated and directed millions of dollars in corrupt payments to politicians and political parties in Brazil.

Despite the seriousness and pervasiveness of the misconduct, the Justice Department did not impose a compliance monitor—a significant tidbit of information for any company under criminal investigation seeking...

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