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Odebrecht and Braskem Settle for a Combined $3.5 Billion in Largest Ever Global Bribery Case
On Dec. 21, 2016, the Department of Justice (DOJ) announced a settlement with Brazilian engineering and construction firm Odebrecht S.A. (Odebrecht) and Brazilian petrochemical company Braskem S.A. (Braskem), stemming from a global bribery scheme facilitated by the two companies. Braskem is half-owned by Odebrecht, with Petróleo Brasileiro S.A. (Petrobras), Brazil's state-owned oil company now at the center of the long-running global corruption investigation known as Operation Car Wash, maintaining a minority stake in the company. According to Deputy Assistant Attorney General Sung-Hee Suh of the DOJ's Criminal Division, “Odebrecht and Braskem used 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 on three continents.” Odebrecht and Braskem settled with authorities in the U.S., Brazil and Switzerland for a combined penalty of at least $3.5 million, representing the largest global foreign bribery settlement to date.
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