Brazil Probes 13 banks for Schahin, Petrobras Operations: Report

Reuters, 01/11/2016

Brazil’s federal tax authority and prosecutors are investigating 13 foreign and local banks for possible financial crimes intermediating loans to Brazilian engineering conglomerate Grupo Schahin, newspaper O Estado de S. Paulo reported on Monday.

The banks under investigation include Itaú BBA – the investment-banking unit of Itau Unibanco Holding SA, – Banco Bradesco SA, Banco Santander SA, HSBC Holdings Plc, Deutsche Bank AG, Banco Votorantim SA and other smaller Brazilian institutions, Estado reported, citing a tax office document.

The authorities are investigating whether the banks could be accused of money laundering for being originators, underwriters or managers of loans to Schahin. Schahin is currently under investigation by Brazilian authorities for potential fraudulent operations that prosecutors allege benefited the ruling Workers’ Party through state-run oil firm Petroleo Brasileiro SA.

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