Braskem, Odebrecht Company, Will Return 2.87 Billion Reais to the Union and Petrobras

Written by Renato Oliveira

Published on 03/06/2019 at 01:00

Updated on 02/06/2019 at 10:35

Acordo de leniência

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Braskem’s Leniency Agreement Includes, Besides the Return of the Billion-Dollar Amount, the Possibility for the Company to Again Receive Loans and Participate in Federal Government Bids.

Braskem, a company of the Odebrecht Group, has just signed a leniency agreement with the Office of the Comptroller General (CGU) and the Attorney General’s Office (AGU) last Friday (31/05).
According to the agreement, the company commits to return R$ 2.87 billion to the public coffers and Petrobras by January 2025.

Braskem, which will have a reduction in the amount of fines to pay, will also, if it fulfills the agreement, regain the ability to obtain financing from federal agencies and participate in bids.

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The Official Statement from Braskem

“Braskem informs that the agreement signed with the Attorney General’s Office (AGU) and the Office of the Comptroller General (CGU) represents a complementary step regarding the same facts covered in the global agreement of December 2016. The company continues to cooperate with the authorities and is increasingly strengthening its compliance system in order to act ethically, with integrity and transparency.”

The reduction of the fine by 66% was a good deal for the company, which has already returned R$ 2 billion to the Union and R$ 800 million to Petrobras.
So far, the company has deposited R$ 1.33 billion, and the remaining R$ 1.54 billion will be divided into six annual installments between 2020 and 2025.

What surprised the market is that Braskem had already signed an agreement with the Federal Public Ministry (MPF) in December 2016, to return R$ 3.1 billion to the public coffers.
Of this amount, R$ 2.2 billion would be allocated to Brazilian authorities, and the remainder, about R$ 900 million, to authorities in other countries.

According to the CGU, this new agreement is the one that takes effect, but it did not explain how this was possible, given that the previous agreement had already been approved by the Federal Court.

The agreement of the company from the Odebrecht Group occurs right after the construction arm of the company changed its corporate name to OEC.
Leniency agreements have already brought R$ 8.93 billion to the public coffers, regarding negotiations with seven companies, and another three agreements are expected to close by the end of the year.

Braskem, Odebrecht Company, Will Return 2.87 Billion Reais to the Union and Petrobras

Braskem’s Leniency Agreement Includes, Besides the Return of the Billion-Dollar Amount, the Possibility for the Company to Again Receive Loans and Participate in Federal Government Bids.

The Official Statement from Braskem

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Braskem, Odebrecht Company, Will Return 2.87 Billion Reais to the Union and Petrobras

Braskem’s Leniency Agreement Includes, Besides the Return of the Billion-Dollar Amount, the Possibility for the Company to Again Receive Loans and Participate in Federal Government Bids.

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