Braskem on the hook for $1 billion | Chemical & Engineering News
Volume 95 Issue 1 | p. 12 | Concentrates
Issue Date: January 2, 2017

Braskem on the hook for $1 billion

Department: Business
Keywords: litigation, Brazil, corruption

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.

Chemical & Engineering News
ISSN 0009-2347
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