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 | Investigations Dataset

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

Investigations Dataset

 
Investigation into Avianca's Activities in Undisclosed Countries · Avianca Holdings S.A.

Information & Summary

Investigation into Avianca's Activities in Undisclosed Countries

Related FCPA Matter:   Avianca Holdings' Involvement in Undisclosed Countries Information

Information & Summary

Investigation Name:    Investigation into Avianca's Activities in Undisclosed Countries

Trend:    None

Type of investigation:    Internal, SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:   

  • Colombian Attorney General (Fiscalia General de al Nacion)
  • Colombian Financial Superintendence

Whistleblower:    Unknown

Summary

Avianca Holdings S.A. is a Latin American multinational airline holding company with its registered office in Panama and its global headquarters in Bogotá, Colombia. Its U.S. shares are traded on the OTC market.

In a 6-K filed on August 15, 2019, Avianca disclosed that it had discovered in 2017 through internal processes a business practice whereby company employees, possibly including members of senior management and the board of directors, provided things of value, specifically free and discounted airline tickets and upgrades, to government employees in certain countries. Upon learning of the possible misconduct, Avianca hired outside counsel and a forensic investigatory firm to aid in an internal investigation to determine if any violations of the FCPA may have occurred.

Avianca said that it voluntarily disclosed the investigation to the DOJ and SEC on August 13, 2019, and that it was cooperating with both agencies. On the same date, the company also voluntarily disclosed the investigation to the Colombian Financial Superintendence and the Colombian Attorney General and was cooperating with both.

Avianca has also stated that it had implemented policies to prevent such possible misconduct from occurring in the future.

In a 6-K filed on August 13, 2021, Avianca disclosed that it had received a letter from the SEC on May 28 indicating that the agency was closing its investigation with no further action.

It appears that Avianca initiated Chapter 11 bankruptcy proceedings in May 2020 and has subsequently stopped making periodic filings with the SEC. Research indicates that Avianca's assets are now controlled by Synergy Group Corp, a private corporation. The last filing containing any mention of the investigation was the 6-K filed on November 15, 2021. The Clearinghouse will continue to update this investigation record if any new information becomes available.

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