Statkraft subsidiaries signs leniency agreement in Brazil

In July 2015, Statkraft acquired control of the Companies mentioned. As a new controlling shareholder, Statkraft carried out internal investigations, where it was identified a potential wrongdoing that took place in 2011. These findings were voluntarily reported to Brazilian authorities of Minas Gerais State in 2016.  
 
As part of the agreement executed with the Brazilian authorities, the Companies admitted having found evidence of an illicit act that took place prior to Statkraft´s takeover of control of the Companies. They also committed to pay MBRL 32.1 (NOK 62 million), relating to fines grounded on the Anticorruption law, redress of undue advantages, and collective moral damages. Statkraft's share is MBRL 20.75 (NOK 40 million). In addition, it made documents and information found in its internal investigation available to the authorities. 

After the aforementioned corporate restructuring in July 2015, Statkraft immediately removed former key executives from their positions and strengthened its Compliance Program according to strict standards, routines and guidelines on anti-corruption and business ethics.  

Statkraft and the subsidiaries are not able to provide further details of the cases due to confidentiality undertakings with Minas Gerais State authorities.  
 
Statkraft reinforces its commitment to act in ethical, transparent, and responsible manner, complying with all applicable legal requirements in countries in which it has operations, which includes zero tolerance for any type of corruption or fraud.