Samsung Heavy Industries to pay $75 million to resolve DoJ investigation in foreign bribery case

In a statement the U.S. Justice Department said, Samsung Heavy Industries Co Ltd has agreed to pay more than $75 million in criminal penalties in order to resolve a U.S. investigation into a bribery scheme that runs into millions of dollar.

Samsung heavy industries Co Ltd has paid bribes to officials in Brazil.

Between 2007 and 2013, Samsung Heavy has admitted to paying nearly $20 million to a Brazilian intermediary being fully aware that a percentage of these payments would be paid as bribes to officials in Brazil’s state-run oil company Petrobras SA.

Samsung Heavy made these payments to facilitate the sale of a drill ship, said the Justice Department said in a statement.

Under a deferred prosecution agreement filed in the Eastern District of Virginia, the Justice Department said, Samsung Heavy will pay at least half of the total fine to the U.S. government.



Categories: Creativity, Entrepreneurship, HR & Organization, Regulations & Legal, Strategy

Tags: , , , , , , , , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: