Brookfield Asset Management faces SEC probe over alleged bribes: report

TORONTO – A published report says the Brazilian operations of Brookfield Asset Management Inc. (TSX:BAM.A) are under investigation by the U.S. Securities and Exchange Commission over allegations that it used bribes to get approval for construction deals.

The Wall Street Journal report said the SEC is expected to interview former Brookfield executive Daniela Gonzalez, who worked in its Sao Paulo unit, over allegations she made.

The Journal cited people familiar with the SEC investigation. A civil lawsuit was filed against the Brazilian division in Sao Paulo last month.

Brookfield spokesman Andrew Willis emailed a statement from the company which said it has “completed a thorough independent investigation into these allegations.”

The company said it did not find any evidence to backup the claims made against it.

“Brookfield vigorously denies any wrongdoing and we are co-operating fully with all authorities,” the statement said.

Brookfield filed a separate lawsuit against Gonzalez, who was fired from the company in 2010, it said.

None of the allegations have been tested in court.