March 14, 2019 / 4:57 PM / a year ago

UPDATE 1-Brazil's Braskem expects to file 2017 20-F to avoid NYSE delisting

(Adds background, context)

By Alberto Alerigi

SAO PAULO, March 14 (Reuters) - Brazilian petrochemical company Braskem SA expects to file its 2017 20-F form with the Securities and Exchange Commission before May 16 to avoid the delisting of its shares from the New York Stock Exchange, Chief Financial Officer Pedro Freitas said on Thursday.

Freitas told journalists the delays in the filing of the document, which must be submitted by all foreign private issuers with listed equity shares on U.S. exchanges, are related to an analysis of the effectiveness of Braskem’s internal controls.

If the form is not filed, Braskem’s American Depositary Receipts could be delisted and traded only over the counter.

If the company did not file the form before May 16, it could still reverse a potential delisting within “days” by filing it, said Freitas, who added that there were no changes to the results published by the company over the last two years.

Braskem was involved in Brazil’s largest corruption probe and was part of a global leniency accord with U.S., Swiss and Brazilian authorities in December 2016 with its parent company, construction conglomerate Odebrecht SA.

Braskem settled charges that it schemed to bribe politicians and executives in Brazil. (Writing by Tatiana Bautzer Editing by Paul Simao)

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