Samsung Heavy Industries Pays USD 149 million for Judicial Settlement in Brazil

 

South Korean shipbuilder Samsung Heavy Industries agreed to pay 812 million reais (USD 149 million) to settle corruption investigations in Brazil, federal prosecutors said.

On its website, the prosecutor’s office said the deal was part of a global negotiation between the company and U.S. and Brazilian authorities to settle alleged crimes over contracts with state-owned oil maker Petroleo Brasileiro SA (Petrobras).

In the deal, Petrobras will receive damages of 706 million reais, while Samsung Heavy will pay fines of 106 million reais to the government.

In Tuesday’s regulatory filing, Samsung Heavy said, “The company has accepted and agreed to results of Brazilian authorities’ investigation to resolve management uncertainties, which may arise from litigation processes, if they last long.”

Petrobras, is at the center of the sprawling Operation Car Wash probe, Brazil’s largest corruption scandal, which has implicated hundreds of government and business officials since 2014.

U.S. authorities have been involved in past settlement deals related to Petrobras graft investigations as the company has U.S.-listed depository shares.

Photo: Brazil Prosecutor´s Office (Agencia Brasil)

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