Spanish telecom company Telefónica has agreed to pay more than $85.2 million to resolve an investigation into an alleged scheme to bribe Venezuelan officials to obtain preferential access to U.S. dollars,

Telefónica’s Venezuelan subsidiary bought equipment at inflated prices ... In exchange, Telefónica received over $110 million in currency auctions that were then the only way for foreign companies to get around strict foreign-exchange controls designed ...

Venezuelan subsidiary of Spanish phone company to pay $85M to resolve US probe into scheme to bribe Venezuelan officials