Chartered Institute of Building Magazine of the Chartered Institute of Building
  • 19 Apr 2017

Odebrecht ordered to pay $2.6bn in fines for bribery

Panama’s Metro Line 1, one of Odebrecht’s many projects projects outside Brazil (Odebrecht)

Brazil's largest engineering company, Odebrecht, has been ordered to pay $2.6bn in fines for its role in a vast bribery scheme.

For more international stories visit the CIOB’s global construction website GCR

A US judge sentenced the company this week on 17 April following a plea deal between the company and US, Brazilian and Swiss authorities, Reuters reports

Odebrecht and affiliated petrochemical company Braskem SA, pleaded guilty to US bribery charges in December.

Prosecutors charged Odebrecht with paying about $788m in bribes to officials in 12 countries, mostly in Latin America, to secure contracts.

Some of those bribes flowed through US banks, prosecutors said.

The US Justice Department dubbed the case the “largest foreign bribery case in history”. According to its admissions, Odebrecht engaged in a massive and unparalleled bribery and bid-rigging scheme for more than a decade, beginning as early as 2001.

This week US District Judge Raymond Dearie said at a hearing in Brooklyn federal court that Odebrecht will pay around $2.39bn to Brazil, $93m to the US, and $116m to Switzerland.

Read the rest of the article at GCR

Leave a comment


19 April 2017 New Zealand's biggest builder on the auction block

19 April 2017 Odebrecht ordered to pay $2.6bn in fines for bribery

19 April 2017 Three lessons for the resurrection of Homs

30 March 2017 Researchers liquidise solar energy

30 March 2017 Japan builds construction robots

30 March 2017 Chinese shipping containers at Glasgow Uni

01 March 2017 Hochtief may bid to build Trump's border wall

01 March 2017 Drilling starts for India's first undersea railway

01 March 2017 ZHA designs tower with world's tallest atrium

07 February 2017 Madrid gets world's first printed bridge

07 February 2017 Trump's $137bn list of emergency infrastructure

07 February 2017 Russia's colossal military programme

03 January 2017 The hottest international stories of 2016

03 January 2017 Odebrecht to pay $4.5bn in largest ever bribery case

03 January 2017 Egypt to compensate contractors

02 December 2016 China builds life-sized replica of the Titanic

02 December 2016 San Francisco tower sinking 2 inches a year

02 December 2016 Vinci loses $5bn in five minutes

07 November 2016 World's largest underground city planned in Kuala Lumpur

07 November 2016 Spray-painting robot makes painters redundant