Compliance » Deferred Prosecution For Honeywell

Deferred Prosecution For Honeywell

Goodbye SEC Enforcement

December 28, 2022

According to the DOJ, between 2010 and 2014, a U.S. unit of the conglomerate Honeywell (Honeywell UOP)  conspired to offer a bribe of about $4 million to an official of the Brazilian firm Petrobras. In exchange for the bribe, Honeywell received inside information and secret assistance from the Petrobras official that was instrumental in Honeywell winning a $425 million contract to develop an oil refinery. Additionally, the SEC charged Honeywell Belgium with hiring an intermediary in 2011 to bribe an official to win business from Algerian state-owned oil company Sonatrach. On 12-19 Honeywell agreed to pay the SEC and DOJ $160 million to resolve charges that it violated the Foreign Corrupt Practices Act. The payments are part of a three-year deferred prosecution agreement with the DOJ. Honeywell received credit for cooperating during the investigation and for its remediation.

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