SEC Declines to Bring Action Against Brookfield

Brookfield Asset Management

On November 13, Brookfield Asset Management Inc., an investment firm based in Canada, reiterated its announcement that the SEC declined to bring charges against the company for alleged bribery in Brazil.  The SEC initiated its investigation of Brookfield in March 2013 to look into allegations that Brookfield’s Brazilian unit paid bribes to win construction permits.  The company previously denied the allegations, describing them as stemming from a disgruntled former employee.  The SEC's formal declination happened in June 2015, and Brookfield originally disclosed the declination in August 2015. The disclosure went largely unreported, so the company repeated the disclosure in its 3Q results filed November 13.