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December 21, 2016

Posted  January 13, 2017

Brazilian-based petrochemical manufacturer Braskem S.A. will pay $957 million in a global settlement with the SEC, DOJ, and authorities in Brazil and Switzerland to settle charges that it paid bribes to Brazilian government officials to win or retain business.  Braskem’s stock trades in the U.S.  The SEC’s complaint alleges that Braskem made approximately $325 million in profits through bribes paid through intermediaries and off-book accounts managed by a private company that was Braskem’s largest shareholder.  Bribes were paid to a government official at Brazil’s state-controlled petroleum company as well as Brazilian legislators and political party officials.  Braskem will pay $325 million in disgorgement, including $65 million to the SEC and $260 million to Brazilian authorities.  Braskem also agreed to pay more than $632 million in criminal fines and penalties.  SEC

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