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,

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.

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