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7 months ago
Brazil's Braskem to pay 3.1 bln reais in leniency deal for corruption case
December 14, 2016 / 9:47 PM / 7 months ago

Brazil's Braskem to pay 3.1 bln reais in leniency deal for corruption case

1 Min Read

SAO PAULO, Dec 14 (Reuters) - Brazil's Braskem SA , the largest petrochemical producer in Latin America, signed a leniency deal on Wednesday with Brazilian prosecutors leading a sweeping corruption probe into political kickbacks at state-run oil company Petrobras, the company said in a securities filing.

The company agreed to pay 3.1 billion reais ($920 million) in fines to Brazilian authorities. Around half will be paid in cash immediately, while the rest will be paid in six years beginning in 2018. Braskem did not elaborate on previously disclosed negotiations with U.S. authorities.

$1 = 3.3690 reais Reporting by Tatiana Bautzer; Editing by Alan Crosby

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