L & # 39; U.S. SEC inflicts Checks on Telefonica Brasil tickets for the World Cup


(Reuters) – Telefonica Brasil SA will pay a civil penalty of 4.13 million dollars to pay US commissions on securities and exchange fees for incentives provided to 127 government officials in connection with the 2014 World Cup football and the 2013 Confederations Cup.

Thursday's SEC stated that Telefonica Brasil's books failed to accurately reflect ticket and hospitality payments given to officials who could influence legislative, regulatory and commercial activities involving the telecommunications company with based in Sao Paulo, the largest in Brazil.

He said that this violated the books and records and the provisions of the internal accounting controls of the federal law on corruption practices abroad.

Telefonica Brasil, which sells services with the Vivo brand, has not admitted or denied having made a mistake by agreeing to be satisfied. Neither the company nor its parent company, the Spanish Telefonica SA, immediately responded to requests for comment.

According to the SEC, Telefonica Brasil has provided 194 tickets for the World Cup to 93 officials and 38 tickets for the Confederations Cup to 34 officials. Both tournaments took place in Brazil.

The SEC said the behavior "arose in an environment where the company did not properly implement its anti-corruption and anti-corruption policies".

He said that this included the general code of ethics of Telefonica Brasil which, like his parents' code, forbade the gift that "can reward or influence a business decision".

The transaction documents describe a June 2014 e-mail in which an employee was looking for a ticket to the World Cup for a head of the legislative staff who had "opened many doors for us" and whose help on the legislation was still necessary.

The SEC stated that the sanction reflects the cooperation and corrective actions of Telefonica Brasil.

Reporting by Jonathan Stempel in New York; Editing by Susan Thomas

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