Volkov Law – The DOJ’s Corficocolombiana and Grupo Aval settlement is its first enforcement action in 2023 involving a corporate FCPA resolution; for the SEC, the Corfico and Grupo Aval settlement is the sixth corporate resolution in 2023.
Corfico and its parent Grupo Aval agreed to pay $80 million to resolve DOJ and SEC enforcement actions stemming from their involvement in a bribery scheme in Colombia. Corfico entered into a three-year Deferred Prosecution Agreement with DOJ in exchange for a payment of $40.6 million. DOJ credited half of the criminal penalty Corfico already paid Colombia’s prosecuting agency, Superintendencia de Industria y Comerico. This was DOJ’s first coordinated FCPA settlement with Colombian authorities. Corfico agreed to pay the SEC roughly $40 million in disgorgement and prejudgment interest.
Source:
- Corruption, Crime & Compliance: Deep Dive into DOJ’s and SEC’s Corficocolombiana FCPA Settlement
