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Brazilian GOL Linhas Aereas to pay $41 million for fines dues

By September 14, 2022September 20th, 2022No Comments

GOL Linhas Aereas/GOL Airline is South America’s low-cost Brazilian airline recently in the news for its alleged corruption charges by the United States’s Justice and Security Exchange Commission departments. There have put numerous allegations that Brazilian GOL airlines slammed multi-million dollar fines.


GOL airline has been on the path of settling fines and dues imposed by the Justice and Security exchange department of the United States.GOL Airlines has been on the spot for alleged misappropriation.


As per the United States authority, Brazil’s low-cost airline, GOL airline, is to pay more than $41 Million in resolution for the corruption investigations carried out by the United States and Brazilian civil with criminal bodies.


The US  Justice department further stated that GOL airline held for conspiracy to violate anti-bribery legislation. And it has entered into a three-year delayed prosecution agreement with the Justice Department for the Criminal complaint filed in Maryland.


The US Securities and Exchange Commission has also stated that GOL airline has admitted to paying $70 million to resolve the charges against it.


Although, due to the inability of GOL airline to pay the heap of fines in the total amount, the Security Exchange Commission and Justice Department have waived to an extent, directed to pay $24.5 million and $17 million, respectively.


The Securities and Exchange Commission has stated that GOL airline will have to pay $3.4 million as a fine to Brazilian authorities. And further state that GOL airline is to pay $87 million additional for setting criminal charges.


The Department of Justice and the Security and Exchange Commission have alleged that  GOL Airlines executives were involved in the misappropriation of the funds.


According to  Kenneth Polite: Asst. Attorney General, Criminal division

of the Justice Department, GOL airline has reported bribing millions of dollars to Brazilian foreign officials for passing legislation benefiting the airline.


He further mentioned that GOL airline was allegedly involved in false contracts with third-party vendors for generating funds and wrongly entering transactions in their account books.


Citing court document information, the Justice Department has alleged that from 2012 to 2013, GOL airlines paid $3.8 million in bribery to Brazilian foreign officials. GOL  airline officials were not available immediately for comment.


Later in July, GOL airline reported net losses essentially because of the foreign currency variations. Also, Gol Airlines showed a new forecast for 2022 showcasing frequent price increases in jet fuel prices, thus subsequent higher fare prices.