- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-08-11T14:52:00
Colombian conglomerate Grupo Aval agreed to pay nearly $81 million as part of settlements addressing alleged bribes paid by its bank subsidiary to win a highway construction contract.
Corporación Financiera Colombiana (Corficolombiana) entered into a three-year deferred prosecution agreement with the Department of Justice (DOJ) in addition to agreeing to pay a criminal penalty of $40.6 million for violating the Foreign Corrupt Practices Act (FCPA), the agency announced Thursday. Up to half the penalty will be credited against money the company and another of its subsidiaries agreed to pay to Columbian authorities regarding the same alleged conduct.
Grupo Aval will pay an additional $40.3 million in disgorgement and prejudgment interest in settling with the Securities and Exchange Commission (SEC).
The resolution marks the first time the DOJ coordinated with Colombian authorities in a foreign bribery case, said Acting Assistant Attorney General Nicole Argentieri of the agency’s Criminal Division in a press release.
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