Brazil: Braskem enters talks with U.S. officials in graft case

Author(s): Brad Haynes | Date: October 3, 2016 | Language: English
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Brazil’s Braskem SA, Latin America’s largest petrochemical producer, said on Monday it had entered talks with the U.S. Department of Justice and the Securities and Exchange Commission regarding an internal graft probe started in 2015.
Braskem said in a securities filing that it aimed to reach a formal accord that may result in “material financial obligations” and other possible sanctions. The company said it would also start a parallel process with Brazilian authorities.
The negotiations bring Braskem closer to a reckoning in the vast corruption scandal engulfing its two main shareholders, state-run oil company Petroleo Brasileiro SA and engineering conglomerate Odebrecht SA.

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