Brazil: U.S. Justice Department Ends Oversight of Brazil’s Odebrecht

An independent monitor has certified Odebrecht SA’s antibribery compliance program, the Brazilian construction company said.

The certification closes a 3½-year monitorship that was imposed on Odebrecht as part of a settlement with the U.S. Department of Justice in December 2016. The settlement resolved allegations that the company paid hundreds of millions of dollars in bribes to public officials in Brazil and elsewhere to win lucrative infrastructure contracts.

The monitor has certified that Odebrecht’s compliance program is designed to prevent future violations of anticorruption laws, including the U.S.’s Foreign Corrupt Practices Act, according to the company.

Odebrecht heralded the end of the monitorship as a new chapter for the company, which last year filed for bankruptcy in Brazil and the U.S.

“The conclusion of the monitoring and the certification given by the DoJ monitor are the most eloquent attestation that Odebrecht has learned from its own mistakes and has reached the same level as other corporations that operate with ethics, integrity and transparency,” Odebrecht’s chairman, José Mauro Carneiro da Cunha, said last week.

The Justice Department declined to comment.

The original full article can be found at wsj.com

(Photo: AMANDA PEROBELLI/REUTERS)

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