Brazil Prosecutors Suspends Leniency Deal With SBM Offshore
September 02 2016 - 7:36AM
Dow Jones News
By Rogerio Jelmayer
SAO PAULO--Brazil's prosecutors rejected a leniency-agreement
offer made by Dutch oil-services provider SBM Offshore NV, in order
to avoid prosecution in a corruption case linked with contracts
involving state-run oil company Petroleo Brasileiro SA, or
Petrobras.
In July, SBM Offshore agreed to pay $341.8 million in fines. Of
that total, $328.2 million would have been paid to Petrobras and
$13.6 million to the Brazilian government.
According to the federal prosecutor review board, the company
failed to provide enough documents and data to support further
investigation.
Brazilian prosecutors had accused SBM Offshore of allegedly
paying bribes to Petrobras executives from 1996 to 2012.
"The nonapproval of the agreement by the MPF (federal
prosecutors) makes it impossible for the Dutch company to reimburse
$328.2 million to Petrobras, but does not necessarily imply the
termination of the existing agreements between SBM and Petrobras,"
Petrobras said in a statement.
"SBM Offshore has been informed that the Fifth Chamber of the
Brazilian Federal Prosecutor Service has not approved the leniency
agreement signed by Brazilian authorities, Petrobras and SBM
Offshore on July 15. The company is seeking clarification on the
decision and will update the market accordingly," SBM said in a
short statement.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
September 02, 2016 07:21 ET (11:21 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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