Brazilian prosecutors file charges against Odebrecht chief, others

Luciana Magalhaes and Will Connors – The Wall Street Journal, 7/24/2015

Brazilian federal prosecutors Friday filed charges against the chief executive of construction group Odebrecht SA and several other construction-industry executives, detailing what they said was an elaborate use of Swiss bank accounts to hide cash as part of an alleged corruption scheme involving state-run oil company Petróleo Brasileiro SA.

The charges include money laundering, corruption, and organized crime. They represent a significant setback for Latin America’s biggest construction group and one of Brazil’s most important companies.

Chief Executive Marcelo Odebrecht, along with Otávio Azevedo, chief executive of Brazilian construction conglomerate Andrade Gutierrez, and other executives from both companies, were arrested last month as part of an investigation into a graft ring that allegedly siphoned billions from Petrobras.

Read more…

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s