Honeywell Strikes $203 Million Settlements Over Brazil, Algeria Bribery
The settlements involve UOP, a subsidiary of Honeywell that manufactures catalysts used to refine oil.
Photo:
WALLACE WOON/EPA/Shutterstock
Honeywell
International Inc. will pay nearly $203 million to resolve investigations in the U.S. and Brazil into bribes paid to public officials in Algeria and at Brazil’s state-owned oil company, the company said Monday.
The settlements involve UOP, a U.S. subsidiary of Honeywell that manufactures catalysts used to refine oil. Investigations found that UOP had conspired to pay bribes to a former high-level
Petróleo Brasileiro SA
official to obtain a $425 million oil refinery contract, authorities said. The U.S. Securities and Exchange Commission also found that Honeywell’s Belgian subsidiary had paid bribes to Algerian officials to win business with Algerian state-owned oil company Sonatrach.
Honeywell on Friday admitted the allegations and entered into a series of agreements with the SEC and U.S. Justice Department, as well as with authorities in Brazil. U.S. authorities accused UOP of violating the U.S. Foreign Corrupt Practices Act, and the settlements require Honeywell to make compliance overhauls and file periodic reports.
“We are pleased to have this legacy matter behind us, as these events in no way reflect the current leadership, culture and values that Honeywell has come to establish over a decade since this activity occurred,” Chief Executive
Darius Adamczyk
said Monday.
Write to Dylan Tokar at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
The settlements involve UOP, a subsidiary of Honeywell that manufactures catalysts used to refine oil.
Photo:
WALLACE WOON/EPA/Shutterstock
Honeywell
International Inc. will pay nearly $203 million to resolve investigations in the U.S. and Brazil into bribes paid to public officials in Algeria and at Brazil’s state-owned oil company, the company said Monday.
The settlements involve UOP, a U.S. subsidiary of Honeywell that manufactures catalysts used to refine oil. Investigations found that UOP had conspired to pay bribes to a former high-level
Petróleo Brasileiro SA
official to obtain a $425 million oil refinery contract, authorities said. The U.S. Securities and Exchange Commission also found that Honeywell’s Belgian subsidiary had paid bribes to Algerian officials to win business with Algerian state-owned oil company Sonatrach.
Honeywell on Friday admitted the allegations and entered into a series of agreements with the SEC and U.S. Justice Department, as well as with authorities in Brazil. U.S. authorities accused UOP of violating the U.S. Foreign Corrupt Practices Act, and the settlements require Honeywell to make compliance overhauls and file periodic reports.
“We are pleased to have this legacy matter behind us, as these events in no way reflect the current leadership, culture and values that Honeywell has come to establish over a decade since this activity occurred,” Chief Executive
Darius Adamczyk
said Monday.
Write to Dylan Tokar at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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