Embraer in US bribery settlement

Brazilian aerospace company Embraer SA on Monday settled with US authorities for $205 million over bribery allegations in the Dominican Republic, Saudi Arabia, and Mozambique. The company took in nearly $84 million in profits on aircraft sales after paying bribes, the US Justice Department and Securities and Exchange Commission announced jointly.

“Embraer paid millions of dollars in bribes to win government aircraft contracts in three different continents,” Assistant Attorney General Leslie Caldwell, head of the Justice Department’s criminal division, said in a statement.

The company will pay a $107 million fine to the Justice Department as well as give up $98 million in ill-gotten gains, or disgorgement, to the SEC. Embraer also agreed to retain an independent consultant to monitor its legal compliance for a period of three years. (AFP)