Summary by Moomoo AI
MicroStrategy Incorporated, through its subsidiary MicroStrategy Brasil, has entered into a leniency agreement with Brazil's Federal Comptroller General (CGU) and Federal General Attorney's Office (AGU) on July 4, 2024. This agreement follows MicroStrategy Brasil's voluntary disclosure in 2018 of non-compliance with Brazilian procurement regulations during 2014-2018. The subsidiary has agreed to pay approximately BRL 6.16 million (USD 1.1 million) and will undertake improvements to its compliance program. Additionally, the CGU will dismiss its administrative action against MicroStrategy Brasil. The leniency agreement, which grants immunity from debarment and other sanctions, is not expected to negatively impact MicroStrategy Brasil's operations. The company had previously set aside USD 1.2 million in reserve for these matters. MicroStrategy Brasil continues its business as usual, serving both public and private sector clients in Brazil.
