On August 1st, 2013 Brazilian Law nº 12.846/2013 was sanctioned and for first time Brazil regulates the civil and administrative corporate liability for harmful acts against public administrations. The so-called Brazilian Anti-Corruption Act provides for strict liability arising out of those harmful acts and for the joint liability of parent and affiliated companies, subsidiaries, as well as among those that are members of the same consortium in a givem public contract.
The penalties set forth in the new piece of legislation are extremely severe such as the extraordinary publicity of a condemnation and the imposition of lines that may reach up to 20% of the annual gross revenues of a company that is held liable under such law.
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