Colombian Bank Settles FCPA Case for $80 Million

$23 million in bribes for toll road scheme with Odebrecht, S.A.

Posted 8/10/23

A bad penny always turns up.  Odebrecht S.A, the perennial source of corruption settlements under the Foreign Corrupt Practices Act (FCPA) delivered again, snaring a banking subsidiary of Grupo Aval, the holding company of the second richest man in Colombia.

Corporación Financiera Colombiana S.A. (Corficolombiana), a Colombian financial services institution, has agreed to pay over $80 million to resolve parallel bribery investigations by criminal, civil, and administrative authorities in the United States and Colombia stemming from the company’s involvement in a scheme to pay millions of dollars in bribes to high-ranking government officials in Colombia. 

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