Global site navigation

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

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

by  AFP 2 min read
Honeywell will pay $160 mn to settle bribery charges concerning contracts with national oil companies in Brazil and Algeria
Honeywell will pay $160 mn to settle bribery charges concerning contracts with national oil companies in Brazil and Algeria. Photo: CHARLY TRIBALLEAU / AFP/File
Source: AFP

PAY ATTENTION: Vote for your favourite celebrity at YEN Entertainment Awards. You decide who wins!

US industrial giant Honeywell will pay $160 million to settle criminal and civil probes in Brazil and the United States over bribes in order to win business from two national oil companies, the government said Monday.

Company officials offered about $4 million in payments to a former high-ranking Petrobras official between 2010 and 2014 to win a $425 million contract to design and build an oil refinery for the Brazilian petroleum giant, the Department of Justice said in a statement.

In exchange for the bribe, the Petrobras official provided "inside information and secret assistance" that enabled a Honeywell unit to win a contract from which it made $105.5 million in profits, the DOJ said.

"Honeywell UOP conspired to bribe a high-ranking official at Petrobras to win a contract from the company, effectively stifling competition," said Michael Glasheen, an acting assistant director of the FBI Washington Field Office, which worked with agents in Brazil on the matter.

Read also

FTX chief Bankman-Fried could accept extradition from Bahamas

"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.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find “Recommended for you” block on the home page and enjoy!

Besides the Petrobras matter, the SEC settlement also concerned charges that Honeywell in 2011 paid more than $75,000 in bribes to Algerian government officials to win business with Sonatrach, Algeria's state-owned oil company.

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.

Hot: