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  HOME | Brazil (Click here for more)

Embraer Hires Outsiders to Probe U.S. Corruption Allegations

SAO PAULO – Brazilian aircraft maker Embraer SA said it has hired an outside law firm to investigate allegations that the firm may have violated U.S. anti-corruption law.

The U.S. Justice Department and Securities and Exchange Commission are trying to determine whether Embraer violated the U.S. Foreign Corrupt Practices Act, the world’s fourth-biggest plane manufacturer said.

The FCPA bars companies from paying money to government officials in hopes of obtaining or retaining business.

Embraer is “fully cooperating” with the U.S. probe, which pertains to the Brazilian company’s activities in three countries, the firm said in a statement.

Documents and other materials have already been handed over to the SEC and the Justice Department, Embraer said.

The Brazilian firm is currently trying to sell Super Tucano aircraft to the U.S. military.

News of the investigation and the company’s poor third-quarter results caused Embraer’s share price to plunge nearly 5 percent Thursday on the Sao Paulo stock exchange.

Embraer reported a loss of 200,000 reais ($115,000) in the third quarter, compared with a profit of 219.9 million reais ($127 million) in the same period of 2010.

The firm attributed the loss to a higher tax bill stemming from September’s 18 percent depreciation of the real against the dollar. EFE
 

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