Colombian Conglomerate Resolves Foreign Bribery Investigations with $80M Settlement

Colombian financial services institution Corficolombiana has agreed to pay over $80 million to resolve parallel bribery investigations by authorities in the United States and Colombia. The investigations were related to the company's involvement in a scheme to pay millions of dollars in bribes to high-ranking government officials in Colombia. Corficolombiana conspired with Brazilian construction conglomerate Odebrecht to win a contract for a highway toll road project. The resolution includes a three-year deferred prosecution agreement with the US Department of Justice and a payment of $40.6 million in criminal penalties. The company will also pay over $40 million in disgorgement and prejudgment interest as part of a resolution with the US Securities and Exchange Commission.