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 | Investigations Dataset

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

Investigations Dataset

 
Investigation into Honeywell's Activities with Petrobras and Unaoil · Honeywell International Inc.

Information & Summary

Investigation into Honeywell's Activities with Petrobras and Unaoil

Related FCPA Matter:   Honeywell's Involvement in Brazil and Algeria in 2010 and 2011 Information

Information & Summary

Investigation Name:    Investigation into Honeywell's Activities with Petrobras and Unaoil

Trend:    Petrobras; Unaoil

Type of investigation:    SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:   

  • Brazilian Law Enforcement Agency

Whistleblower:    Unknown

Summary

Honeywell International Inc. ("Honeywell") is an American publicly traded, multinational corporation headquartered in Charlotte, North Carolina. It operates in the areas of aerospace, building technologies, performance materials, and safety solutions. Its common stock is traded on the NASDAQ Stock Market.

In its 10-Q filed on July 18, 2019, Honeywell disclosed that it was cooperating with the DOJ, SEC, and Brazilian authorities relating to the use of third parties by the company's UOP business in Brazil in connection Petroleo Brasileiro S.A. (“Petrobras”). The agency investigations were said to focus on compliance with the FCPA and similar Brazilian laws.

Honeywell also disclosed that the DOJ and SEC were concurrently also investigating a matter involving a foreign subsidiary’s prior engagement of Unaoil S.A.M. in Algeria. Honeywell stated that it was cooperating in that investigation as well.

In its 10-Q filed on July 23, 2021, Honeywell disclosed that it had started negotiations to resolve the investigation.

In its 8-K filed on October 22, 2021, Honeywell disclosed that though its negotiations with the authorities were at different stages, they had proceeded sufficiently to accrue $160 million in anticipation of a settlement.

In its 10-Q filed on July 28, 2022, Honeywell disclosed that the estimated costs of a comprehensive resolution had increased to $210 million, so the company further accrued an additional $50 million in anticipation of settlement.

On December 19, 2022, the DOJ, SEC, and Brazilian authorities announced a global settlement for Honeywell's misconduct in Brazil and Algeria.

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