UOP LLC, doing business as Honeywell UOP, a U.S.-based subsidiary of Honeywell International Inc., has agreed to pay more than USD160 million to resolve parallel bribery investigations by criminal and civil authorities in the United States and Brazil stemming from bribe payments offered to a high-ranking official at Brazil’s state-owned oil company, said Headtopics.
The U.S. Department of Justice’s resolution is coordinated with prosecutorial authorities in Brazil, as well as the U.S. Securities and Exchange Commission (SEC).
According to court documents, Honeywell UOP entered into a three-year deferred prosecution agreement (DPA) with the department in connection with a criminal information filed in the Southern District of Texas charging the company with conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA).
According to the company’s admissions and court documents, between 2010 and 2014, Honeywell UOP conspired to offer an approximately USD4 million bribe to a then-high-ranking executive of Petroleo Brasileiro S.A (Petrobras) in Brazil. Specifically, Honeywell UOP offered the bribe to secure improper advantages in order to obtain and retain business from Petrobras in connection with Honeywell UOP’s efforts to win an approximately USD425 million contract from Petrobras to design and build an oil refinery called Premium.
“Honeywell UOP offered to pay millions of dollars in bribes to a high-ranking executive at Brazil’s state-owned oil company to win a lucrative contract,” said Assistant Attorney General Kenneth A. Polite, Jr. of the Justice Department’s Criminal Division. “Today’s resolution once again demonstrates that in our relentless fight against corruption, the Department of Justice will work together with our partners, both domestic and foreign, to hold companies accountable for their criminal conduct."
According to court documents, in order to effectuate the bribery scheme, Honeywell UOP entered into an agency agreement with a sales agent for the purpose of funding and paying the USD4 million bribe to the high-ranking Petrobras executive. In exchange for the bribe, and after obtaining business advantages, including inside information and secret assistance, from the Petrobras executive, Honeywell UOP won the contract. Honeywell UOP earned approximately USD105.5 million in profits from the corruptly obtained business.
We remind, Honeywell has signed an MoU with Egypt’s Environ Adapt for Recycling Industries with the aim of advancing plastics recycling in the country. The two organizations will explore the development of the first chemical recycling facility in Egypt that would be equipped with Honeywell’s advanced technology, capable of converting waste plastic into valuable recycled polymer feedstock (RPF).
mrchub.com