Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Brazil prosecutors seek $2 billion from Odebrecht, Petrobras executives

Published 13/03/2016, 22:56
© Reuters. Policial federal em frente sede da Odebrecht em São Paulo
PBR
-

BRASILIA (Reuters) - Brazilian prosecutors late on Saturday accused executives from construction conglomerate Odebrecht and state-run oil company Petrobras of misconduct and demanded they pay 7.3 billion reais ($2 billion) in damages.

Prosecutors accused Odebrecht of paying bribes to win multibillion-dollar contracts with Petrobras (SA:PETR4) as part of a corruption scheme that implicated dozens of politicians and top executives.

Odebrecht is currently under investigation for its involvement in the graft and influence-peddling scandal at Petrobras known as "Operation Car Wash." Family member Marcelo Bahia Odebrecht, who ran the company from 2008 until recent months, was sentenced on Tuesday to about 19 years in prison in connection with the scandal.

In a written statement, the prosecutors of the task force investigating the scheme said they had evidence that Odebrecht paid bribes to win contracts at the oil refineries Getulio Vargas and Abreu e Lima as well in a Rio de Janeiro petrochemical plant and the Gasduc gas pipeline.

Odebrecht said in a statement it was surprised by the accusations, saying the compensation values were "inconsistent."

"Any hypothetical requirement arising from the case depends on due process, with decisions of all competent courts" said the statement, adding Odebrecht's construction arm, Construtora Norberto Odebrecht, would respond to the accusations.

© Reuters. Policial federal em frente sede da Odebrecht em São Paulo

The scandal has undercut Odebrecht's access to financing, and the group, which has more than a dozen business units, is seeking to ease a swelling debt burden.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.