Spanish phone giant Telefónica to pay $85M to resolve US probe of Venezuelan bribery scheme

WASHINGTON (AP) — Spain’s largest telecommunications operator will pay more than $85 million to resolve a U.S. Justice Department investigation into a scheme to bribe Venezuelan officials with a lavish Caribbean vacation and expensive watches. The agreement with Telefónica S.A. announced Friday is the second time that the telco giant has faced bribery accusations in the U.S. The latest bribery scheme started around 2014, when a subsidiary of Telefónica bribed two Venezuelan officials to participate in an auction that allowed it to get U.S. dollars in exchange for Venezuelan bolivars, Justice Department officials said.