Case in point: Investigations

gas petrol purpleClient situation: Grant Thornton was engaged to conduct an investigation for a publicly traded, multinational petrochemicals company headquartered in Brazil. The allegations suggested Foreign Corrupt Practices Act (FCPA) violations related to the Brazilian government’s investigation  into corruption at the state-controlled oil company Petrobras. Allegations included millions of dollars of bribes paid to Brazilian politicians over a 10-year period. Initially, the company was unaware of the departments and employees involved in the scheme and asked Grant Thornton to investigate all areas of high risk.

mobius purple iconResponse: We deployed a team of U.S. and Brazilian Grant Thornton professionals to the Sao Paulo headquarters to interview department leaders. Grant Thornton performed a preliminary risk review of the company’s accounts to identify areas where illicit payments may have been concealed. Grant Thornton’s investigation located payments to fictitious agents for which we collected and reviewed supporting documentation.

clipboard check purple iconOutcome: The magnitude of bribes by this company and its parent company led to the largest corruption-related global settlement to date — $4.5 billion. The Grant Thornton team also identified and quantified over 1,000 payments to fictitious agents spanning a 10-year period totaling approximately $260 million. In connection with the investigation, we provided a report with observations of control weaknesses and suggested improvements.

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