Braskem to pay $957M to settle foreign bribery charges, SEC says

|About: Braskem S.A. (BAK)|By:, SA News Editor

Braskem (BAK +2.4%) agrees to pay $957M to settle charges that it allegedly hid millions of dollars in illegal bribes paid to Brazilian government officials by falsifying its financial statements, violating the Foreign Corrupt Practices Act, the SEC announces.

The payment is part of a global settlement with the SEC, the U.S. Justice Department and authorities in Brazil and Switzerland.

BAK and Brazilian construction firm Odebrecht pleaded guilty in U.S. federal court, the first guilty pleas in the U.S. following the Operation Car Wash investigation in Brazil into corruption at Petrobras (PBR -0.2%).