Honeywell International Inc. and related entities will pay the U.S. government a total of more than $160 million before offsets – $81 million to resolve SEC claims, and $79 million as a criminal penalty – to settle charges arising out of bribery schemes that took place in Brazil and Algeria. Honeywell entered into a deferred prosecution agreement admitting that a subsidiary offered approximately $4 million as a bribe to an executive at Brazil’s state-owned Petrobras to secure improper advantages in the award of a $425 million refinery contract. The SEC further found that a different Honeywell subsidiary paid bribes to an Algerian government official to obtain and retain business with the Algerian state-owned entity Sonatrach. Honeywell’s payment will be reduced by amounts it pays to Brazilian authorities, offsetting the SEC penalty by up to $38.7 million and the criminal penalty by $39.6 million.  SEC; DOJ; USAO SDTX

Read December 19, 2022 at constantinecannon.com