Odebrecht's Multi Million Dollar Fine

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.

Tuesday, April 18, 2017

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. 

See "Odebrecht: An Open Secret"

Nacion.com reports that "...The payment order, issued by US District Judge Raymond Dearie in Brooklyn, came after US and Brazilian officials determined after an arbitration agreement in December that Odebrecht could not pay more than that sum.  The company had previously agreed to pay up to $3.5 billion in fines."

See also: "Former President of Odebrecht Convicted"

"... The legal case was filed in the United States after it was determined that some extraterritorial entities were holding and disbursing funds which were owned or operated by people in the US and some meetings related to the scheme of bribery took place in Miami, authorities said."

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More on this topic

Odebrecht to Pay $220 million to Panama

August 2017

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.

From a statement issued by the Public Ministry of Panama:

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

Former President of Odebrecht Convicted

March 2016

The court ruling that imposed a 19 year prison sentence has forced a review of the projects being managed by the company in the region, where two projects which are underway in Panama alone, total $2.4 billion.

On March 8th the Brazilian justice system condemned Marcelo Odebrecht, former CEO of the largest Brazilian construction company, Odebrecht, to 19 years and 4 months in prison and to pay a fine of $35 million along with executives from the group for the payment of about $65 million in bribes to officials in the case of corruption in the state run oil company Petrobras, reported La Prensa. The ruling mentioned fraud in tenders, where bribes were also paid for the award of the works.

The Arrest of Odebrecht's President

June 2015

In Panama questions have arisen about the impact that will be felt from the arrest in Brazil of Marcelo Odebrecht on the many projects awarded to his company in the country.

The arrest of Marcelo Odebrecht has generated uncertainty in important projects awarded to the Brazilian company, some of which are under implementation or have recently been awarded such as the Metro Line 2.

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