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Sunday, Dec 08, 2019

Samsung Heavy industries admits knowing that its money would be used pay bribes to Brazilian officials

Samsung Heavy has admitted to paying about $20 million to a Brazilian intermediary between 2007 and 2013.

business Updated: Nov 23, 2019 07:57 IST
Reuters
Reuters
Washington
Samsung Heavy knew parts of 20 million dollars would be used to pay bribes to some Brazilian officials.
Samsung Heavy knew parts of 20 million dollars would be used to pay bribes to some Brazilian officials. (LinkedIn)
         

Samsung heavy industries Co Ltd has agreed to pay more than $75 million in criminal penalties to resolve a U.S. investigation of a scheme to pay millions of dollars in bribes to officials in Brazil, the U.S. Justice Department said on Friday.

Samsung Heavy has admitted to paying about $20 million to a Brazilian intermediary between 2007 and 2013 knowing that parts of it would be paid as bribes to officials in Brazil’s state-run oil company Petrobras SA for a contract which facilitated the sale of a drill ship by Samsung Heavy, the Justice Department said in a statement.

Samsung Heavy will pay at least half of the total fine to the U.S. government under a deferred prosecution agreement filed in the Eastern District of Virginia, it said.

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