Brazilian company BRF commuted punishment for bribery
2022.12.29 01:20
Brazilian company BRF commuted punishment for bribery
Budrigannews.com – BRF SA, a food processor based in Brazil (NYSE:) on Wednesday, following allegations of graft, signed a leniency agreement with local authorities regarding payments it must make to the South American nation’s government.
According to the CGU, the agreement with Brazil’s attorney general (AGU) and comptroller general (CGU) offices requires BRF to pay the government approximately 111 million reais. The CGU cited accusations that company employees paid public officials to gain “undue advantages” in response to investigations conducted by federal police.
In 2018, BRF began negotiating the agreement with the CGU and AGU, collaborating with investigations to lessen the impact of sanctions.
The payments, according to a filing, will be made in five annual installments beginning on June 30. It stated that it had made a commitment to continue enhancing its governance and compliance practices and to collaborate with authorities with its “best efforts.”
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BRF stated in a separate statement that it “understands that signing this leniency agreement puts an end to discussions regarding the previous issue” and that it does not condone illegal or improper behavior.
On Wednesday, BRF shares closed at 7.76 reais, up nearly 8%, while the overall Index gained 1.53%.
