Odebrecht: Brazilian construction giant in the crosshairs

Sao Paulo (AFP) – Scandal-ridden Brazil construction giant Odebrecht, which has admitted to spending nearly $800 million to bribe officials across Latin America to win contracts, filed for bankruptcy.

Brazil’s biggest construction firm, Odebrecht, has admitted in the US to bribing officials to secure contracts. The company and Brazilian petrochemical firm, Braskem, have agreed to pay at least $3.5bn (2.8bn) to the authorities in the US, Brazil and Switzerland. The US Justice Department said it was the largest foreign bribery case yet.

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Odebrecht S.A. (Brazilian Portuguese: [odb(t)]) is a Brazilian conglomerate whose name has become shorthand for an unprecedented regional bribery scandal. The conglomerate consists of diversified businesses in the fields of engineering, construction, chemicals and petrochemicals .

Odebrecht and other construction firms are big donors in Brazilian elections – for parties both in the ruling coalition and opposition. Their cosy relations with governments can be rewarding. During Brazil’s boom years, construction firms benefited from loans given by Brazil’s development bank BNDES with special interest rates well below the.

That’s the day the attorney general’s office in Brazil will start disclosing the bulk of the names of government officials in 11 countries who took nearly $800 million in bribes from the Odebrecht construction giant in one of the region’s biggest corruption scandals ever.

The 73-year-old stands accused of receiving $20 million (18 million) from Brazilian construction giant Odebrecht to win.

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Image copyright. Brazil’s biggest construction firm, Odebrecht, has admitted in the US to bribing officials to secure contracts. The company and Brazilian petrochemical firm, Braskem, have agreed to pay at least $3.5bn (2.8bn) to the authorities in the US, Brazil and Switzerland.

HAVANA TIMES – The corruption-tainted brazilian construction giant odebrecht filed for bankruptcy on Monday, saying it wanted to restructure debts worth 51 billion reals (13 billion dollars), reported dpa news. – The corruption-tainted Brazilian construction giant Odebrecht filed for bankruptcy on

SAO PAULO: Scandal-ridden Brazil construction giant Odebrecht, which has admitted to spending nearly $800 million to bribe officials across Latin America to win contracts, filed for bankruptcy.