Telefónica will pay over $85 million to settle a U.S. bribery investigation involving Venezuela.

Telefónica, Spain's largest telecommunications company, will pay over $85 million to settle a U.S. Justice Department investigation into a bribery scheme involving Venezuelan officials. The scheme, which began in 2014, included bribing officials with luxury vacations and watches to facilitate currency auctions that allowed the company to exchange Venezuelan bolivars for U.S. dollars. The subsidiary faces charges but will avoid prosecution if it meets certain conditions.

November 08, 2024
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