TechnipFMC plc (Technip) and its wholly-owned US subsidiary, Technip USA, Inc. agreed to pay criminal penalties of over $296 million to the U.S. Department of Justice and Brazilian authorities to resolve bribery charges related to conduct in Brazil and Iraq.
Technip entered into a deferred prosecution agreement with DOJ, which charged Technip with two counts of conspiracy to violate the anti-bribery provisions of the FCPA. Technip USA agreed to plead guilty to one count of conspiracy to violate the anti-bribery provisions of the FCPA and to pay a criminal fine of $500,000, which is incorporated into the $296 million total criminal fine. DOJ will credit $214 million against the fine, representing the amount Technip will pay to Brazilian authorities in connection with its settlement in Brazil. Technip also stated that it had reached an agreement in principle with the SEC, but the terms of that agreement have not been disclosed.
Technip received credit for its cooperation with DOJ’s investigation and for taking extensive remedial measures, such as disciplinary action against employees involved in the misconduct, changes in business operations in Brazil, and improved internal controls. As a result of the Company’s remediation and compliance program improvements, DOJ did not appoint a monitor.