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Brazil Arrests the Heads of Construction Giants in Graft Probe
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The probe into corruption at Petrobras, is known as "Operation Car Wash," because some of the payments were routed through a car wash company in Curitiba, Brazil, which caught the attention of a young federal prosecutor in that city. The investigation took a new turn with the arrest by Brazilian police of the heads of two large construction companies, Marcelo Odebrecht of Odebrecht SA, and the CEO of Andrade Gutierrez, on June 18, 2015. Investigators say construction executives in collusion with Petrobras officials inflated the price of contracts and made payments to politicians and political parties including the ruling Workers Party. The alleged amount is about $2 billion. The construction companies are active in shipbuilding, defense contracting, oil and exploration related work, and building the stadiums for the World Cup Soccer and the Olympics. This has damaged the credibility of the ruling Workers Party, former president Da Silva, and current president Dilma Rousseff, in power during the last decade. The companies and the Workers' Party denied any involvement. Federal prosecutor Carlos Fernando dos Santos Lima told a news conference in Curitiba- "We have no doubt that Odebrecht and Andrade Gutierrez headed the cartel scheme within Petrobras." Adding that the two companies "cannot pass themselves off as innocent given how much evidence we have."
Petrobras and the $17 billion writeoff for overvalued assets and bribe payments in 2015
04/23/2015
About $2.1 billion of this was writeoff for bribe payments. The corruption investigation is showing the weak links between the government and Petrobras, and affecting public confidence in the government.
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Grouped Articles
Brazil Arrests the Heads of Construction Giants in Graft Probe
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Wife of Suspended Brazilian Lower-House Speaker Eduardo Cunha Indicted
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Linked Articles
Brazil Arrests the Heads of Construction Giants in Graft Probe
Wall Street Journal 06/19/2015
How Brazil’s ‘Nine Horsemen’ Cracked a Bribery Scandal
Wall Street Journal 04/07/2015
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