Petrobras to $422 million for corruption

The world’s largest builder of offshore oil rigs will pay $422 million in penalties after entering a guilty plea for bribery charges connected with the Petroleo Brasileiro (Petrobras) scandal. The company made illicit payments to both Petrobras officials and government representatives for years.

According to an article in Bloomberg, titled “Keppel Offshore to Pay $422 Million to End Bribery Probe” (2017), Keppel Offshore’s bribery scheme lasted for more than a decade. The payments ran afoul of the Foreign Corrupt Practices Act (FCPA), resulting in the investigation.

The Bloomberg article includes a contrite statement from the company, in part:

“We regret and are deeply disappointed by the actions that we now know to have taken place at the group’s offshore and marine business in Brazil from around 2001 to 2014,” Keppel Corp. Chairman Lee Boon Yang said in an earlier statement. “Any perception that illegal payments can be condoned, if they are made by agents, is wrong and will not be tolerated.”

The action comes as a part of a multimillion-dollar bribery scandal that rocked Petrobras in 2015, leading to investor lawsuit and disgraced government officials. Corruption, bribery and fraud are serious issues in Brazil, along with many other countries around the world that are rushing enact new laws and tools to fight them, while enhancing efforts to enforce rules that are already on the books. Along with the FCPA, the UK Bribery Act and other regulations aim to criminalise corruption across international borders and stem the impact of such illicit acts.

For ABAC Center of Excellence, helping clients navigate the complicated waters of compliance and changing laws is one of our highest priorities – along with helping them stay protected from fraud and corruption. That’s why our CRI’s Certification program offered through the ABAC Center of Excellence offers cutting-edge training and resources for companies to be proactive in their anti-corruption measures.

ISO 37001:2016 Anti-Bribery Management System Certification

ABAC Center of Excellence is a provider of the ISO 37001:2016 Anti-Bribery Management System Certification, which confers many benefits including the following:

• Certification adds a distinct level of credibility to the organisation’s management systems and must be completed by a qualified, independent third-party.
• Ensures that the organisation is implementing a viable anti-bribery management program utilising widely accepted controls and systems.
• Provides assurance to management, investors, business associates, personnel and other stakeholders that the organisation is actively pursuing internationally recognised and accepted processes to prevent bribery and corruption.
• Protects the organisation, its assets, shareholders and directors from the effects of bribery.
• Provides acceptable evidence to prosecutors or courts that the organisation has taken reasonable steps to prevent bribery and corruption.

Don’t wait for bribery and corruption to affect your business. Contact the ABAC Center of Excellence today and learn how CRI’s Certification – and ISO 37001:2016 Certification – can help your organisation be proactive and protected from risk.