Rolls-Royce pays $25 million to Petrobras in bribery settlement

Brazilian oil giant Petrobras has received R$81 million as part of Rolls-Royce’s settlement with the Brazilian authorities related to the Lava Jato bribery scandal.

Petrobras said on Monday that it received the R$81 million ($24.7M) settlement from the British company last Friday, October 27.

According to multiple sources, Rolls-Royce entered into settlements with authorities in the UK, the USA, and Brazil over bribery allegations back in January. At the time, the total settlement with all parties stood at a figure of around £671 million ($813 million).

Breaking it down, around $170 million went to the U.S. Department of Justice, $25 million to Brazil’s Ministério Público Federal (MPF), and over $600 million to Britain’s Serious Fraud Office.

Petrobras added on Monday that the UK engineering giant entered into a settlement agreement with the MPF under Operation Lava Jato (Operation Car Wash) to receive leniency.

The agreement with Rolls-Royce includes the return of the company’s net profit on six contracts for the supply of goods and services to Petrobras. It also includes the full amount paid as commission to subcontractors and the payment of a fine in accordance with the law.

The Brazilian company received another R$5.8 million from two other settlements. Namely, R$1.7 million was returned by former director Nestor Cerveró and R$4.1 million by the former president of Transpetro, Sérgio Machado.

Since the beginning of Operation Lava Jato, total reimbursement exceeds R$800 million ($244.6M).

Petrobras also said that it would continue to take legal action against companies and individuals, including former employees and politicians, who caused the company financial damage and tainted the company’s image.

Offshore Energy Today Staff

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