Odebrecht S.A., a global construction conglomerate based in Brazil, and Braskem S.A., a Brazilian petrochemical company, have pleaded guilty to using the global financial system — including the United States banking system — to disguise and disburse bribes around the world.
Odebrecht and Braskem have agreed to pay at least $2.6 billion and up to $4.5 billion in global penalties after being found to have "a hidden but fully functioning Odebrecht business unit — a 'Department of Bribery,' so to speak — that systematically paid hundreds of millions of dollars to corrupt government officials in countries on three continents," said Deputy Assistant Attorney General Sung-Hee Suh of the Justice Department's Criminal Division.
A multinational effort allowed authorities in the United States, Brazil and Switzerland to identify, investigate and prosecute the defendants, charging the two companies with conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act.
Under their plea agreements, Odebracht and Braskem will continue to cooperate with law enforcement in investigations and prosecutions of individuals responsible for the criminal conduct. They have also agreed to adopt enhanced compliance procedures and to retain independent compliance monitors for three years.
Detailed information on the bribery schemes, the corporate resolutions and criminal penalty can
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