Odebrecht to Pay $220 million to Panama

In an agreement with the Panamanian Public Ministry, the Brazilian construction company has committed to delivering all of the information related to Panama and paying a fine of $220 million.

Wednesday, August 2, 2017

From a statement issued by the Public Ministry of Panama:

August 1, 2017. - On Wednesday, July 26 of this year, the Public Ministry of the Republic of Panama signed an EFFECTIVE COLLABORATION agreement with ODEBRECHT, in compliance with Law 121 of December 31, 2013 (Law on Organized Crime), Act 15 of May 10, 2015 (Act adopting the United Nations Convention against Corruption) and Law 4 of February 17, 2017 (Law on Agreements on Penalty and Effective Collaboration in the Inquiry- Mixed System).

This EFFECTIVE COLLABORATION agreement is in addition to the efforts made by the Public Prosecutor's Office, when, since September of 2015, has carried out investigations into the Odebrecht Case, in compliance with the Constitution and the Law, and from that moment to date:

  •  26 investigations, including into projects carried out by ODEBRECHT during the 2004-2009 government periods; 2009-2014 and those of the current government. 
  • 43 persons indicted: 24 Panamanians (ex-ministers and relatives of senior officials of the past and current government), 13 Brazilians, 1 American, 1 Peruvian, 1 Uruguayan, 1 British and 2 Andorrans. 
  • More than 56 million dollars, between assets and money, apprehended, as well as some located in other jurisdictions.
  • 49 Applications for International Assistance. (Brazil, the USA, Switzerland, Andorra, Spain, the Bahamas, Antigua and Barbados, the Virgin Islands, Mexico, Guatemala, Uruguay. 
  • 2 Red Alerts, with arrest warrants for extradition purposes. 



More on this topic

Odebrecht's Multi Million Dollar Fine

April 2017

Although the $2.6 billion fine is the highest of its kind in history, it is almost half of what the Brazilian construction company initially agreed with the US Attorney's Office.

The fine imposed by a court in the Eastern District of New York puts an end to, at least in US courts, one of the most controversial corruption cases in history, involving the involvement of state officials and companies, businessmen and high ranking politicians. 

Panama: Businessmen Oppose Odebrecht

January 2017

The Chamber of Commerce, Industries and Agriculture has decided to expel the Brazilian construction company from the union, after the payment of bribes was revealed in several countries, including Panama.

From a statement issued by the CCIAP:

Odebrecht: An Open Secret

January 2017

The revelation that the brazilian construction company paid nearly $60 million in bribes in Panama is a clear wake-up call to society and the private sector, which must demand transparency in government procurement processes.

EDITORIAL

Doubts Over Tender for Urban Renewal of Colon

June 2015

The Housing Ministry is evaluating the possibility of suspending the award ceremony scheduled for June 26 because Odebrecht is part of one of the three consortia who are participating in it.

Friday June 26 is the date when the contractor of the works for urban renewal in the city of Colon should be announced, a project estimated at $500 million, but the act could eventually be canceled or postponed depending on the conclusions reached by the Housing ministry in its evaluation of the situation.

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