Brazil’s Petrobras Can Once Again Do Business with Odebrecht

The Brazilian construction conglomerate Odebrecht SA will be allowed to do business with Brazil‘s state-owned oil firm, Petróleo Brasileiro SA.

According to Reuters, the board of directors at Petrobras “lifted restrictions on doing business with certain units of the engineering firm Odebrecht SA” after the conglomerate “adopted measures to prevent, detect and remediate acts of corruption and fraud.”

Both Petrobras and Odebrecht have been the center of multiple corruption scandals in recent years. Over the course of more than a decade, Odebrecht engaged in systematic corruption in a dozen countries in Latin America and Africa.

According to the United States Justice Department, Odebrecht spent more than US$800 million in bribes in 10 Latin America countries which resulted in nearly US$2.4 billion in ill-gotten gains, typically in the form of construction contracts.

The Justice Department report found that between 2010 and 2014 US$10.5 million in bribes were made in Mexico resulting in US$39 million in benefits for Odebrecht.

In April 2018, the Mexican government banned federal and state governments from doing business with Odebrecht for two and a half years.



Categories: Brazil, Business, News

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  1. Brazil Attorney General, Comptroller Sign Leniency Deal with Odebrecht

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