Honeywell Agrees To Pay $203M To Resolve Foreign Corruption Charges

  • Honeywell International Inc HON has agreed to pay $202.7 million to resolve corruption investigations in the U.S. and Brazil.
  • Allegations were raised regarding Honeywell's business practice of paying bribes to officers of Brazil's state-owned oil company, Petróleo Brasileiro S.A. 
  • As part of the resolutions, Honeywell's subsidiary, UOP LLC, has entered into a three-year Deferred Prosecution Agreement (DPA) with the Department of Justice (DOJ) related to charges of conspiracy to violate the Foreign Corrupt Practices Act (FCPA) in connection with a project awarded in 2010.
  • Honeywell agreed to certain compliance and compliance reporting obligations but was not charged criminally in this matter.
  • The company also agreed to a resolution with the SEC that resolves allegations relating to Brazil conduct and conduct relating to a foreign subsidiary's contract with the intermediary, Unaoil, in Algeria, executed in 2011.
  • The SEC acknowledged that Honeywell had "strengthened its ethics and compliance organization."
  • "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," said Darius Adamczyk, chairman and CEO of Honeywell.
  • Price Action: HON shares are trading lower by 0.03% at $209.35 in premarket on the last check Tuesday.
  • Photo Via Wikimedia Commons
Market News and Data brought to you by Benzinga APIs
Posted In: NewsGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!