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 | Investigations Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Investigations Dataset

 
Investigation into Hertz's Activities in Brazil · Hertz Global Holdings, Inc./Herc Holdings Inc.

Information & Summary

Investigation into Hertz's Activities in Brazil

Related FCPA Matter:   Hertz Global Holdings' Involvement in Brazil Information

Information & Summary

Investigation Name:    Investigation into Hertz's Activities in Brazil

Trend:    None

Type of investigation:    Internal, Unspecified U.S. Authorities

Other Agencies Investigating/Assisting with Investigation:   

  • Brazilian Law Enforcement Agency

Whistleblower:    Unknown

Summary

Hertz Global Holdings, Inc. was an American car rental company incorporated in Delaware and based in Florida. It operates domestically and internationally under brands such as Hertz, Dollar and Thrifty.

In its February 29, 2016 10-Q report, Hertz Global Holdings, Inc. ("Old Hertz") disclosed that it had identified certain activities in Brazil that may raise issues under the Foreign Corrupt Practices Act and local laws. The activities appear to relate to the Brazilian vehicle rental operations of The Hertz Corporation, a subsidiary of Old Hertz.

The company self-reported these activities to appropriate government entities, and continues to investigate these issues.

On June 30, 2016, Old Hertz completed a spin-off of its global vehicle rental business through a dividend to stockholders of all of the issued and outstanding common stock of Hertz Rental Car Holding Company, Inc., which was re-named Hertz Global Holdings, Inc. (“New Hertz”) in connection with the spinoff. New Hertz is now an independent public company and trades on the New York Stock Exchange under the symbol “HTZ.” New Hertz continues to operate its global vehicle rental business through its operating subsidiaries including The Hertz Corporation.

The remaining equipment rental business changed its name to Herc Holdings Inc. on June 30, 2016 and trades on the New York Stock Exchange under the symbol “HRI.” Following the Spin-Off, Herc continues to operate its global equipment rental business through its operating subsidiaries, including Herc Rentals Inc. (“Herc”).

Both Herc and New Hertz disclosed in their 2018 second quarter 10-Q filings that the FCPA investigations had been resolved without any further action. Despite this, it was never confirmed if either the DOJ or SEC or both specifically investigated the companies.

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