Telefónica to Pay $85 Million to Settle US Bribery Probe in Venezuela

The Spanish company's subsidiary is accused of bribing Venezuelan officials to gain favorable currency exchange terms.

Telefónica Venezolana, a subsidiary of Telefónica S.A., is involved in a bribery scheme targeting Venezuelan government officials.
The scheme allowed the company to acquire U.S. dollars in exchange for Venezuelan bolivars through an auction process.
To conceal the bribery, Telefónica Venezolana purchased equipment at inflated prices, with suppliers paying the bribes on its behalf.
The U.S. Justice Department charged the subsidiary with conspiracy to violate the Foreign Corrupt Practices Act.
Under an agreement with the Justice Department, Telefónica Venezolana will avoid prosecution if it adheres to certain conditions.