Dutch Oil Co. SBM Inks $342M Leniency Deal With Brazil

Law360, New York (July 18, 2016, 5:44 PM EDT) -- Brazilian prosecutors and state-owned oil giant Petroleo Brasileiro SA on Friday said that they have reached a leniency deal with SBM Offshore NV to end a corruption probe, under which the Dutch oil company will pay a total of $341.8 million to Petrobras and the Brazilian government.

Approximately $328.2 million will go to Petrobras and the Brazilian government is slated to receive $13.6 million. Petrobras is due to get a $149.2 million payment in three installments, and the other $179 million will come from reduction of future contract payments to SBM.

Brazilian authorities in November 2014 announced the investigation of SBM,...

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