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Braskem ex-CEO eyes plea bargain in Brazil corruption probe

Oct 6/Reuters –  A former chief executive of Braskem SA is working with investigators in Brazil to establish the petrochemical company’s responsibility in a political graft scandal involving its shareholders, according to a newspaper report on Thursday.

Brazilian daily Valor Economico reported, without saying how it obtained the information, that former Chief Executive Carlos Fadigas was collaborating in the hopes of striking a plea deal.

Braskem representatives did not immediately respond to a request for comment and Fadigas, who stepped down in May after running the company for five years, could not be reached.

Braskem said in May that he would continue to help the company’s efforts to expand internationally.

Valor did not say how the collaboration by Fadigas would affect Braskem’s negotiations with the U.S. Department of Justice and Securities and Exchange Commission, which the company said on Monday were aimed at reaching a formal accord and possible financial sanctions.

The formal talks with U.S. authorities underscored Braskem’s effort to move past a bribery scandal that has upended Brazil’s politics and entangled its two main shareholders, state-run oil company Petroleo Brasileiro SA and engineering conglomerate Odebrecht SA.

($1 = 3.22 reais) (Reporting by Brad Haynes; Editing by Bernadette Baum)

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