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SEC fines engineering company in Brazilian bribery



An engineering firm will pay more than $ 43 million, including $ 10.1 million in US Securities and Exchange Commission fines, to settle Foreign Corrupt Practices Act-related fees related to a Brazilian bribery system, the agency said on Friday.

Foster Wheeler Ltd., now owned by Aberdeen, Scotland-based John Wood PLC, which operates a system to obtain an oil and gas technology and design contract from the Brazilian oil company Petroleo Brasileiro SA, said the SEC in a statement. 19659002] The agency said that from 2012 to 2014, Foster Wheeler's subsidiary Foster Wheeler Energy Ltd. incorrect payments to Brazilian officials in connection with its efforts to win the contract and establish a presence in Brazil. It said the bribes were paid through third party agents.

Foster Wheeler paid approximately $ 1

.1 million in bribes in connection with obtaining the contract.

Foster Wheeler agreed to the SEC's termination and discontinuation to find that it violated anti-bribery, books and records, and the FCPA's internal accounting regulations, and agreed to pay $ 22.7 million in distaste and prejudice . [19659002] The SEC's order provides for deferrals of up to $ 9.1 million of all dismissals paid to Brazilian regulators and up to $ 3.5 million for all paid to the UK Serious Fraud Office, leaving the company with a minimum payment to the SEC of approximately $ 10.1 million.

Charles Cain, head of the SEC Enforcement Division's FCPA unit, said in a statement: "The potential for a new market cannot be a siren song that overwhelms good corporate governance."

John Wood PLC said in a statement, "The resolutions relate to historical behavior that occurred before Amec PLC acquired Foster Wheeler AG in November 2014 and before Wood's acquisition of the combined company in October 2017.

" Wood fully cooperated with all authorities in their investigations, which is reflected in the cooperation credit that Wood received from the authorities in their respective resolutions.

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