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Business

Braskem on the hook for $1 billion

by Alexander H. Tullo
January 2, 2017 | APPEARED IN VOLUME 95, ISSUE 1

Braskem has agreed to pay almost $1 billion to U.S., Brazilian, and Swiss authorities in connection with Brazil’s massive “Car Wash” corruption investigation. The U.S. Securities & Exchange Commission accused the Brazilian chemical company of paying bribes to Brazilian government officials, including at least one executive at Petrobras, the state oil company that owns 36% of Braskem. In exchange for the bribes, Braskem allegedly received naphtha feedstock from Petrobras on advantageous terms and preferential tax legislation. In connection with the same corruption investigation, Odebrecht, a conglomerate that controls Braskem, must pay between $2.6 billion and $4.5 billion.

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