Last month, the Brazilian Federal Police launched 45 early morning raids on major Brazilian companies, including state-run oil company Petroleo Brasileiro S.A. (also known as Petrobras). The raids, which resulted in the arrest of several senior executives, were carried out following months of investigation into alleged corruption centered around the energy giant. And the probe appears to be far from over.
A recent webcast from Mayer Brown, “Brazil’s New Corruption and Collusion Investigations: Implications for Companies Doing Business in Brazil,” examined how the Petrobras investigation and the recent enactment of Brazil’s Clean Companies Act are heralding what appears to be a new era of anticorruption enforcement in the country. The many companies hoping to do business in this emerging market therefore should act carefully—and compliantly.
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