Aerospace and technology company discloses inception of settlement discussions with Brazilian and US authorities into anti-corruption violations

On July 23, 2021, Honeywell International Inc., a multinational aerospace and technology company based in North Carolina, disclosed in a securities filing that it has begun settlement discussions with US and Brazilian authorities related to their investigations of Honeywell.  According to the Form 10-Q, Honeywell’s petrochemical business group, UOP, is under investigation by the US Department of Justice, the Securities and Exchange Commission and certain unnamed Brazilian authorities for its use of third parties in Brazil in its dealings with Petróleo Brasileiro SA (Petrobras), Brazil’s state-owned and controlled petroleum company.  Honeywell stated that the investigations focus on, among other things, UOP’s compliance with the US Foreign Corrupt Practices Act and similar Brazilian anti-corruption laws. The precise conduct by Honeywell and/or the third parties it engaged is not described.  Honeywell also stated that the DOJ and the SEC are investigating the engagement of Unaoil SAM in Algeria by one of Honeywell’s foreign subsidiaries; more details as to the precise conduct under investigation were not provided. 

Form 10-Q