Brazil’s Odebrecht to Pay U.S., Switzerland Billions in Fines

Already considered the largest-ever global bribery accord, Odebrecht, and subsidiary Braskem, agree to pay two foreign countries over US$3.5 billion in fines.

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Brazilian construction conglomerate, Odebrecht, and one of its subsidiaries, Braskem, have agreed to pay at least US$3.5 billion in penalties due to bribes paid to government officials in Brazil, the United States and Switzerland, in what is already being considered the largest-ever global foreign bribery agreement, according to the U.S. Justice Department.

“As part of the agreement, [Odebrecht] has agreed to disclose unlawful actions discovered in internal investigations, practiced in Brazil and abroad in various spheres of power, and assumes its responsibility for violating applicable Brazilian . . .

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