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Telefónica to Pay $85 Million in Venezuelan Bribery Settlement
Spain's largest telecom company, Telefónica, will pay over $85 million to settle a US Justice Department investigation into a bribery scheme involving Venezuelan officials.
English
United States
JusticeHuman Rights ViolationsUs PoliticsCorruptionLatin AmericaBriberyInternational BusinessTelecom
Telefónica S.a.Us Justice DepartmentSecFifa
Nicole Argentieri
- How did Telefónica's Venezuelan subsidiary hide the illegal scheme?
- Telefónica's Venezuelan subsidiary purchased equipment at inflated prices from unnamed multinational suppliers, who then paid the bribes through intermediaries.
- What were some of the lavish gifts given as bribes to Venezuelan officials?
- The bribes included a \$500,000 Caribbean vacation and \$605,000 in luxury watches and jewelry for one official and their spouse.
- What was the nature of the bribery scheme involving Telefónica and Venezuelan officials?
- The bribery scheme involved a subsidiary of Telefónica bribing two Venezuelan officials to secure U.S. dollars in exchange for Venezuelan bolivars in auctions.
- What is the amount Telefónica will pay to resolve the US Justice Department investigation?
- Telefónica S.A., Spain's largest telecommunications operator, will pay over \$85 million to settle a US Justice Department investigation into bribery of Venezuelan officials.
- What is notable about this being the second time Telefónica has faced bribery accusations in the US?
- This is the second time Telefónica has faced bribery accusations in the U.S.; in 2019, they paid a \$4.1 million penalty to the SEC for providing FIFA World Cup tickets to foreign officials.