Petrobras corruption firms pay CHF200 million penalty

Three Brazilian companies have been ordered to pay over CHF200 million in penalties to Switzerland for their part in the Petrobras money laundering and corruption scandal. The penalties were levied on Brazilian Construction firm Odebrecht, its subsidiary Construtora Norberto Odebrecht (CNO) and affiliated petrochemical company Braskem as part of a combined prosecution between the Swiss Attorney General and its counterparts in the United States and Brazil. The three companies were involved in a money laundering network that funneled millions of dollars in bribe money through hundreds of Swiss bank accounts, which ended up in the pockets of Brazilian politicians and executives at Brazil’s state oil company. The ongoing Petrobras case is one of the worst corruption scandals in Brazilian corporate history. Braskem will pay CHF94.5 million in compensation despite Switzerland dropping its case to hand over the prosecution to the US authorities, the Swiss Attorney ...