Investigation into compliance violations in Brazil
March 26, 2015
- Bilfinger reviewing all payment transactions in Brazilian business
- Possible improper payments of less than €1 million
- Company cooperating closely with Brazilian authorities
In the course of internal investigations into possible compliance violations, Bilfinger has been reviewing the activities of Group companies active in Brazil for several months. After looking at all accounting transactions from past years, current information indicates that potentially improper payments exist of less than €1 million in total.
Bilfinger informed the responsible Brazilian authority CGU (Controladoria-Geral da União). Following the completion of its internal investigations, Bilfinger will provide the results to the CGU and will support further investigation into the incident.
The investigation was initiated on the basis of internal findings from Bilfinger. In addition to its own experts, the company immediately commissioned auditors Ernst & Young to conduct comprehensive securing of data as well as auditors Deloitte and a specialized law office in Brazil with an investigation into the incident.
In financial year 2014, Bilfinger's output volume in Brazil amounted to just under €30 million, the Group's total output volume was €7.7 billion.