Spanish phone company subsidiary to pay $85M to resolve US probe of Venezuelan bribery scheme

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FILE - The U.S. Department of Health and Human Services building is seen, April 5, 2009, in Washington. ‘Sunny’ the Cownose ray joins the St. Augustine AquariumKeep your drink cold longer with these tumblers. See more Insider Deals here. Telefónica Venezolana, a subsidiary of Telefónica S.A., bribed Venezuelan officials to participate in an auction that allowed it to get U.S. dollars in exchange for Venezuelan bolivars, Justice Department officials said.Telefónica Venezolana bought equipment at inflated prices from suppliers, who then paid the bribes on its behalf in an attempt to hide the illegal scheme, prosecutors said.

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Spanish phone company subsidiary to pay $85M to resolve US probe of Venezuelan bribery schemeA Venezuelan subsidiary of a Spanish phone company will pay more than $85 million to resolve a U.S. Justice Department investigation into a scheme to bribe Venezuelan government officials. Telefónica Venezolana, a subsidiary of Telefónica S.A., bribed Venezuelan officials to participate in an auction that allowed it to get U.S.
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