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home / news releases / BAK - Braskem discloses probe of bribery claims in Mexico

BAK - Braskem discloses probe of bribery claims in Mexico

Braskem SA ADR
Braskem (BAK) has opened an internal investigation into bribery allegations made last year by the former CEO of Mexico' state-run oil company, according to a Brazilian securities filing.The company disclosed that it hired an unnamed U.S. law firm to review the claims by former Pemex CEO Emilio Lozoya.Braskem says the bribery allegations focus on an ethylene project with Pemex that Lozoya has said has included bribes he accepted from Braskem parent Odebrecht.Braskem and Odebrecht paid a combined $3.5B to settle expansive bribery charges with U.S., Brazilian and Swiss authorities in 2016.Braskem faces several overhangs, including rising Alagoas provisions, the uncertainty around the Pemex contract and the Cenegas contract cancellation, Opal Investment Research writes in a neutral analysis posted on Seeking Alpha.

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Braskem discloses probe of bribery claims in Mexico
Stock Information
Company Name: Braskem SA ADR
Stock Symbol: BAK
Market: NYSE
Website: braskem.com.br
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