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Odebrecht And The Petrochemical Company Braskem Reached Parallel Agreements With Authorities In Three Countries To Pay Up To US$ 4.5 Billion In 2016.
In a statement on Wednesday, September 4, Brazilian construction company Odebrecht announced that it will pay US$ 50 million in contributions to nonprofit entities operating in Latin America in order to settle bribery allegations, as part of an agreement reached with the Inter-American Development Bank (IDB). In July of this year, Odebrecht resumed operations by chartering its 1st rig to Petrobras after the Lava Jato investigation.
Under the agreement, certain subsidiaries of Odebrecht will also be prohibited from competing in projects financed by the bank for varying periods of time, said the IDB. Representatives of the companies had not yet responded to requests for comments.
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The agreement with the IDB is the latest in a long series of setbacks for Odebrecht, which has become one of the most important targets of the corruption investigation into the Brazilian state-owned company Petrobras.
Odebrecht and the petrochemical company Braskem reached parallel agreements with authorities in three countries in 2016 to pay up to US$ 4.5 billion, as part of the largest anti-corruption agreement in history. Braskem is partially controlled by Odebrecht and Petrobras.
The agreements with authorities from the United States, Brazil, and Switzerland led to corruption investigations in other Latin American countries where the two companies operate. Last month, Odebrecht filed for bankruptcy protection in the U.S., shortly after doing the same in Brazil in June.
The IDB stated that its investigation revealed evidence of bribe payments by Odebrecht during a contract for a hydropower plant in Venezuela and a rehabilitation project for a highway in the State of São Paulo, Brazil.
Under the terms of the agreement announced on Wednesday, the company did not contest the evidence, said the IDB. The company must make the payment of US$ 50 million to charitable institutions by 2024.
The Norberto Odebrecht Construction Company (CNO), a subsidiary of the construction company, will not be able to compete for IDB projects for six years, according to the bank.
Another subsidiary, Odebrecht Engineering and Construction, will have restrictions for ten years, during which it may participate in IDB-financed projects only if it fully complies with the conditions of the agreement. A number of other subsidiaries also had restrictions announced under the agreement, the IDB said.
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