“With the conclusion of the obligations set out in the agreement, Petrobras concludes an important step in its recovery trajectory,” the company’s executive director of governance and compliance, Salvador Dahan, said in a statement. “We have finally turned the page and the end of the DOJ agreement proves that we are living in a new era, our compliance system getting stronger every day. We now have a robust control system and anti-corruption measures that go beyond those required by law. “
Petrobras’ troubles began when it was discovered that some of Brazil’s largest construction and engineering companies had received inflated contracts from Petrobras – excessive markups that were then used to channel bribes to Petrobras leaders and high-ranking politicians.
In September 2018, to resolve violations of the U.S. Overseas Corrupt Practices Act, Petrobras entered into a No Prosecution Agreement (NPA) with the Department of Justice and agreed to pay a combined criminal fine of $ 853.2 million. Under the coordinated agreement, Petrobras paid the Ministry of Justice and the Securities and Exchange Commission 10% each ($ 85.32 million), while the Brazilian authorities received the remaining 80% (682.56 millions of dollars).
“Since 2018, Petrobras has continued to improve the effectiveness of its internal controls and consolidate structural and governance changes by strengthening its culture of ethics, integrity and transparency,” the company said. “The corporate compliance program includes, among other things, an independent whistleblower channel, mechanisms to fight fraud and corruption by the companies with which Petrobras does business (due diligence) and integrity reviews of all managers, administrators and employees who work in critical areas. process (integrity background check).
“In addition to these measures, the company invests in training on integrity-related topics for its employees, suppliers and partners. Due to its commitment to strengthening its governance and integrity practices, Petrobras has successfully joined the Anti-Corruption Partnership Initiative (PACI), a World Economic Forum (WEF) initiative focused on anti-corruption issues. corruption and transparency.
With all of its obligations fulfilled, the company said, the deal is now complete.