Defendant Name:
Braskem, S.A.
Defendant Type:
Public Company
SIC Code:
2860
CUSIP:
105532105
Document Reference:
comp-pr2016-271
Document Details
Legal Case Name
SEC v. Braskem, S.A.
Document Name
Complaint
Document Date
21-Dec-2016
Document Format
Civil Proceeding
Case Number
16-cv-02488
Federal District Court
District of Columbia, District of Columbia
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On December 21, 2016, the SEC filed a complaint against Braskem, S.A. in the United States District Court for the District of Columbia, stating: "This action arises from violations of the Foreign Corrupt Practices Act ("FCPA") by Braskem, S.A. ("Braskem" or the "Company"), a Brazilian petrochemical company. Beginning in at least 2006 and through approximately 2014, Braskem paid bribes to foreign political parties and foreign officials in the government of Brazil in order to assist Braskem in obtaining or retaining business in that country. Braskem paid theses bribes through a complex web of international intermediaries and offshore bank accounts. Certain senior Braskem executives authorized and approved these payments while knowing that all or a portion of the funds would be passed onto foreign officials in the government of Brazil."