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Petrobras to pay $853.2M in corruption case

Jaclyn Jaeger | September 27, 2018

Brazilian state-owned energy company Petrobras on Thursday reached a coordinated resolution with U.S. and Brazilian authorities, agreeing to pay a combined $853.2 million for playing a role in one of the largest political corruption investigations the world has ever seen.

The saga began when it was discovered that some of Brazil’s largest construction and engineering companies received inflated contracts from Petrobras—excess markups that were then used to funnel kickbacks to Petrobras executives and high-ranking politicians.

“Executives at the highest levels of Petrobras—including members of its executive board and board of directors—facilitated the payment of hundreds of millions of dollars in bribes to Brazilian politicians and political parties and then cooked the books to conceal the bribe payments from investors and regulators,” said U.S. Assistant Attorney General Brian Benczkowski.

According to admissions made by Petrobras, while the company’s...

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