Embraer agrees to extend FCPA monitorship for 90 days

On April 1, 2020, Embraer S.A., a Brazilian aircraft manufacturer, announced in a filing with the US Securities and Exchange Commission (SEC) that its three-year independent monitorship that began in 2017 would be extended for 90 days, until April 22, 2020.  In October 2016, Embraer entered into settlements with the US Department of Justice, the SEC, the Brazilian Federal Prosecution Office, and the Brazilian Exchange Commission (CVM).  The settlements resolved investigations of books and records and bribery violations by Embraer in connection with aircraft sales in Mozambique, Saudi Arabia, the Dominican Republic and elsewhere.  As part of those settlements, Embraer agreed to pay about $205 million in penalties, disgorgement, and prejudgment interest, and agreed to a three-year independent monitorship, during which an independent compliance monitor would design and test the effectiveness of the company’s anticorruption compliance program.   According to the April 2020 filing, Embraer and the DOJ agreed to extend the term of the monitorship in order to allow the monitor to complete testing as part of the monitor’s final report.  

Form 6-K

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