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Live News: Honeywell to pay more than $160 million to settle US bribery charges

Honeywell International has agreed to pay more than $160 million in settlements with the U.S. Securities and Exchange Commission and the Department of Justice, alleging that industry groups were involved in bribery schemes in Algeria and Brazil.

The SEC said on Monday that Honeywell violated the Foreign Corrupt Practices Act by allegedly paying bribes to obtain a deal with Brazil’s state oil company Petrobras. The company is said to have offered to pay Brazilian government officials at least $4 million in connection with a bidding process at an oil producer in 2010.

The agency also said Honeywell’s Belgian subsidiary paid more than $75,000 in bribes to Algerian government officials in 2011 to win a deal with Algeria’s state oil company Sonatrach.

“For years, Honeywell has failed to implement adequate internal accounting controls to mitigate the risks of corruption known in countries such as Brazil and Algeria,” said an SEC enforcement officer. A Charles Kane said in a statement. “This failure created an environment in which Honeywell employees and agents could facilitate bribery.”

Honeywell agreed to the SEC’s order that it violated the anti-bribery provisions of the Foreign Corrupt Practices Act and agreed to pay more than $81 million in settlement costs with the SEC. It also agreed to pay fines of approximately $79 million to settle criminal charges filed by the Department of Justice in parallel bribery cases.

The DoJ agreed to impose $39.6 million in criminal penalties for the amount the company agreed to pay to Brazilian authorities.

Honeywell International said it will pay a total of $202.7 million in fines, disgorgement and pre-judgment interest.

https://www.ft.com/content/22b094c0-f8a1-4092-9c11-e384edc91e8c Live News: Honeywell to pay more than $160 million to settle US bribery charges

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