By Patrick Chu

 

Samsung Heavy Industries Co. Ltd. (010140.SE) agreed to pay more than $75 million in penalties to resolve a U.S. government investigation into violations of the Foreign Corrupt Practices Act, the U.S. Justice Department said Friday.

The South Korea engineering company paid $20 million to a Brazilian intermediary from 2007 until 2013, which used portions of the funds to bribe officials at Petrobras, Brazil's state-owned oil company, in order to obtain a shipbuilding contract, Justice Department officials said, citing admissions by Samsung Heavy. The company took actions in the bribery conspiracy from its office located in the U.S.

Samsung Heavy entered into a deferred prosecution agreement with the Justice Deparment, according to a court filing in the Eastern District of Virginia. The company was charged with conspiracy to violate the anti-bribery provisions of the FCPA, the filing said. According to the agreement, Samsung Heavy has agreed to cooperate in ongoing investigations by the FBI.

Brazilian regulators and law enforcement agencies in Monaco and Switzerland assisted the FBI in its investigations.

 

Write to Patrick Chu at Patrick.Chu@WSJ.com

 

(END) Dow Jones Newswires

November 22, 2019 20:51 ET (01:51 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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