Plane maker Embraer pays USD205 million to settle bribery case
Saturday, 25 Oct, 2016
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Brazilian plane maker Embraer has agreed to pay $205 million in a settlement for bribes it allegedly paid to foreign officials.
Under the settlement, Embraer will pay $107 million to the US Justice Department and an additional $98 million to the Securities and Exchange Commission.
The plane maker was subpoenaed by the US under the Foreign Corrupt Practices Act in 2010 and then conducted its own internal investigation.
"The company acknowledges responsibility for the conduct of its employees and agents according to the facts ascertained in the investigation. Embraer deeply regrets this conduct," Embraer said in a statement.
It began discussions with the justice department over reaching a settlement more than a year ago.
The SEC complaint claimed Embraer made more than $83 million in profit as a direct result of bribery.
US officials said Embraer paid out several million dollars to win orders including two bribes of more than $5 million each in the Dominican Republic and India for military aircraft.
Bribes were also paid to secure orders for commercial jets.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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