Hi, and welcome to another MLEX podcast. I'm Anna Rago, managing editor for Emlex's London Bureau. Today we'll be looking at settlements in corruption and bribery probes and how difficult it can be to do the right thing. This type of deal usually involves companies offering to help prosecutors

and paying large sums of money to put an end to an investigation.

But pleadias aren't always straightforward.

Take, for example, the case of SBM Offshore,

the Dutch oil engineering company that has been struggling to settle international probes.

Joining me today, we have Ben Lucas, our bribery and corruption correspondent in London.

Hi Ben.

Hi Anna.

And our antitrust and corruption reporter Rodrigo Russo in Sao Paulo.

Hello, Anna.

SBM has been facing scrutiny on three fronts, in the Netherlands, Brazil and the United States.

Back in 2014, the company paid $240 million to settle with the Dutch prosecutor.

And in early November, SBM announced it had earmarked almost the same amount in relation to

the U.S. Department of Justice's investigation. The missing link seems to be Brazil,

where the company has had several attempts to settle but has failed so far. Ben, this case has been going on for a few years, but for us that are new to it,

could you sum up what the US, Dutch and Brazilian prosecutors have been looking at and how this all started?

Sure, so this all started when SBM Offshore launched a review of its compliance practices in late 2011.

And in 2012, it made an announcement that it become aware of sales practices involving

its overseas agents, which, quote, may have been improper.

So they launched an investigation into the issues and notified the US and Dutch authorities

as well.

And then as you said earlier, in November 2014,

...