Settling wide-ranging bribery allegations for a record amount of money, Brazilian construction conglomerate Odebrecht SA admitted guilt Wednesday and agreed to pay $2.6 billion.
In a case involving an off-books accounting system designed solely for bribery, myriad wire transfers and sometimes just bags of cash, the company pleaded guilty to a single charge of conspiracy to violate provisions of the Foreign Corrupt Practices Act (FCPA) in a sweeping deal with United States prosecutors and authorities in Brazil and Switzerland.
