Honeywell to pay $160 mn to settle US, Brazil bribe case

Honeywell to pay $160 mn to settle US, Brazil bribe case

Honeywell can pay $160 mn to settle bribery costs regarding contracts with nationwide oil corporations in Brazil and Algeria.

US industrial large Honeywell can pay $160 million to settle prison and civil probes in Brazil and the United States over bribes in an effort to win enterprise from two nationwide oil corporations, the federal government mentioned Monday.

Company officers supplied about $4 million in funds to a former high-ranking Petrobras official between 2010 and 2014 to win a $425 million contract to design and construct an oil refinery for the Brazilian petroleum large, the Department of Justice mentioned in an announcement.

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In change for the bribe, the Petrobras official supplied “inside information and secret assistance” that enabled a Honeywell unit to win a contract from which it made $105.5 million in earnings, the DOJ mentioned.

“Honeywell UOP conspired to bribe a high-ranking official at Petrobras to win a contract from the company, effectively stifling competition,” mentioned Michael Glasheen, an performing assistant director of the FBI Washington Field Office, which labored with brokers in Brazil on the matter.

“Bribery schemes like this one transcend borders, and collaboration with our foreign partners is crucial to the fight against international corruption.”

About half of the $160 million in penalties went to settle a parallel civil case launched by the US Securities and Exchange Commission.

Besides the Petrobras matter, the SEC settlement additionally involved costs that Honeywell in 2011 paid greater than $75,000 in bribes to Algerian authorities officers to win enterprise with Sonatrach, Algeria’s state-owned oil firm.

© 2022 AFP

Honeywell to pay $160 mn to settle US, Brazil bribe case (2022, December 19)
retrieved 19 December 2022

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