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Former Odebrecht CEO formalises departure after six months in jail

Published 11/12/2015, 01:14
Updated 11/12/2015, 01:20
© Reuters. Odebrecht, the head of Latin America's largest engineering and construction company Odebrecht SA, smiles as he gives his testimony in a session of the Parliamentary Committee of Inquiry in Curitiba
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SAO PAULO (Reuters) - Marcelo Odebrecht, the former chief executive of Grupo Odebrecht, has formalised his departure from Latin America's largest engineering group after six months in prison on corruption charges, the Brazilian company said on Thursday.

He also stepped down as chairman of petrochemical producer Braskem SA (SA:BRKM5), Odebrecht Oleo e Gas, Odebrecht Realizações Imobiliarias and Odebrecht Ambiental. Newton de Souza will stay on as chief executive of Odebrecht SA and chairman of the other companies.

The third-generation scion of one of Brazil's most powerful business dynasties, Marcelo Odebrecht was ensnared in a sweeping corruption investigation stemming from state-run oil company Petroleo Brasileiro SA (SA:PETR4).

Grupo Odebrecht reiterated its position that he will be cleared of all wrongdoing.

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