Defendant Name:
GOL Linhas Aéreas Inteligentes S.A.
Defendant Type:
Public Company
SIC Code:
4512
CUSIP:
38045R206
Document Reference:
34-95800
Document Details
Legal Case Name
In the Matter of GOL Linhas Aéreas Inteligentes S.A.
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
15-Sep-2022
Document Format
Administrative Proceeding
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On September 15, 2022, the SEC instituted settled cease-and-desist proceedings against GOL Linhas Aéreas Inteligentes S.A., stating: "These proceedings arise out of a scheme to bribe government officials in Brazil in exchange for certain payroll tax and fuel tax reductions that financially benefited Gol, along with other airlines."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
The Commission stated: "Respondent shall pay disgorgement of $51,940,000 and prejudgment interest of $18,060,000, for a total of $70,000,000, to the Securities and Exchange Commission, but payment of such amount, except for $24,500,000, is waived based upon Respondent’s represented financial condition as reflected by documents and information submitted to the Commission . . . Respondent shall receive an offset up to $1,700,000 based on the U.S. dollar value of any disgorgement or estitution paid to the Brazilian Government reflected by evidence acceptable to the Commission staff in its sole discretion, in a proceeding conducted by the Controladoria-Geral da Uniᾶo (“CGU”)/Advocacia-Geral da Uniᾶo (“AGU”) in Brazil."
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$51,940,000.00
Shared:
Pre-Judgment Interest
Individual:
$18,060,000.00
Shared:
Total Penalty
Individual:
$70,000,000.00
Shared:
