BRASILIA, May 27 (Reuters) – The board of directors of Brazilian petrochemical maker Braskem SA has authorized the signing of a leniency contract with Brazil`s CEO General`s Office and the government`s attorney general in the Wash case, as the company announced in a statement on Monday. The facts of the leniency agreement include all the facts found so far concerning Braskem in connection with Operation Carwash. As a result of these agreements, the entity will continue to cooperate with the relevant authorities and improve its compliance system. The company will also be subject to external monitoring. The company has appointed Guy Singer and Billy Jacobson to Orrick Herrington-Sutclié in New York as american and Brazilian monitors. The couple concluded that the company had fulfilled all its obligations in Brazil under the 2016 agreement, according to the MPF. The investigation recently entered its seventh year (globalinvestigationsreview.com/short-cut/2020/march/11#1216131) and resulted in 253 convictions to date, while prosecutors have recovered $800 million in assets. The Brazilian instructor replaced Braskem had initially hired lawyer Isabel Franco in 2017 as a Brazilian cyclist, who was then a partner of Koury Lopes Advogados, but then joined Azevedo Sette Advogados in Sao Paulo. However, the company opted for the activation of a clause in the settlement agreement that allowed it to choose an rm as a monitor, both in Brazil and the United States, in order to improve e-ciency and consistency. Counsel for Braskem In Brazil Sampaio Ferraz Advogados Partner Luis Wielewicki and Rodrigo Maia in Sao Paulo Petrochemical giant Braskem, a Petrobras-Odebrecht joint venture, is the first company under a leniency deal in Brazil to have its compliance programed by independent auditors. Braskem, whose American Depositary Receipts (ADRs) is the subject of public exchanges on the New York Stock Exchange, pleaded separately guilty of a single criminal information material filed in the Eastern District of New York, accusing him of conspiracy in violation of FCPA`s anti-corruption rules.
Braskem agreed to pay a total fine of $632 million. No convictions have yet been foreseen. In the corresponding proceedings, Braskem also settled its accounts with the U.S. Securities and Exchange Commission (SEC), the Federal Ministerio Publico in Brazil and the Federal Prosecutor`s Office in Switzerland.