(Reuters) - Telefonica Brasil SA will pay a $4.13 million (£3.17 million) civil fine to settle U.S. Securities and Exchange Commission charges over incentives provided to 127 government officials in connection with soccer's 2014 World Cup and 2013 Confederations Cup.
The SEC on Thursday said Telefonica Brasil's books failed to accurately reflect payments for tickets and hospitality awarded to officials capable of influencing legislative, regulatory and business activity involving the Sao Paulo-based telecommunications company, Brazil's largest.
Telefonica Brasil, which sells services under the Vivo brand, did not admit or deny wrongdoing in agreeing to settle. Neither the company nor its parent, Spain's Telefonica SA, immediately responded to requests for comment. The SEC said the conduct"arose in an environment in which the company failed to adequately enforce its corporate antibribery and anticorruption policies."
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