Samsung Heavy Industries (SHI), one of the largest companies in the world in the shipbuilding market, entered into a leniency agreement with the Office of the Comptroller General (CGU), Office of the Attorney General (AGU) and the Federal Prosecutor’s Office (MPF) on February 22, 2021, for bribery and money laundering misconducts in connection with Petrobras’ agreements
In the leniency agreement, SHI assumed the obligation to pay, within 30 (thirty) days, the total value of BRL 811,786,743.49, of which BRL 705,901,516.10 will be paid to Petrobras as reimbursement of damages. The remaining amount of BRL105,885,227.39 will be paid as a fine pursuant to Article 12 of the Brazilian Administrative Improbity Law (Federal Law N. 8.429/92) and will be paid to the Union. Furthermore, in the leniency agreement, SHI also assumed the obligation to enhance its compliance and governance-related policies and procedures.
The leniency agreement is a result of a global resolution involving Brazilian authorities and the United States Department of Justice (DoJ). Differently from the TechnipFMC global settlement, that was entered into concomitantly, the Samsung settlement was a two-step agreement. In November 2019, SHI had already entered into a Deferred Prosecution Agreement with the DoJ for the same misconducts, whereby SHI assumed the obligation to pay a fine of approximately USD 75 million. The agreement with the DoJ establishes that 50% of the total value of the fine (approximately USD37,5 million) will be paid to the Brazilian authorities due to the leniency agreements entered into with the CGU, AGU and MPF.