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Brazil’s Odebrecht files for bankruptcy protection after years of graft probes

Brazilian conglomerate Odebrecht SA filed on Monday for bankruptcy protection, aiming to restructure 51 billion reais ($13 billion) of debt in what would be one of Latin America’s largest-ever in-court debt restructurings. The bankruptcy filing comes after years of struggles for Odebrecht, the biggest of the Brazilian engineering groups caught… Read More

Petrobras ignored warnings about fuel broker implicated in graft probe

Brazil’s Petrobras found suspicious activity in its oil trading business – and failed to stop it – six years before an alleged bribery scandal erupted in that unit in 2018, according to three people with knowledge of the situation and documents seen by Reuters. A 2012 internal probe at the… Read More

Brazil’s Moro, prosecutors scramble to react to leaked messages

Brazilian Justice Minister Sergio Moro and federal prosecutors scrambled to respond on Monday to reports published by news website The Intercept based on what it said were leaked messages from a corruption probe. The Intercept said it was only beginning to report on an “enormous trove” of leaked messages… Read More

3rd June 2019

U.S. CFTC queries Brazil’s Petrobras on trading activities

Brazil’s Petrobras has received an information request from the U.S. Commodity Futures Trading Commission regarding its trading activities, the state-run oil firm said on Thursday, after prosecutors found evidence of fraud in deals with major traders. In a securities filing, Petroleo Brasileiro SA, as the company is formally known, said… Read More

30th May 2019

In bold anti-graft push, Mexico sets sights on ex-president’s confidant

Mexican President Andres Manuel Lopez Obrador made his boldest move yet to root out entrenched corruption by going after one of his predecessor’s closest aides, a former chief of state oil firm Pemex, for alleged bribery, tax fraud and other crimes. The target, Emilio Lozoya, headed Pemex from 2012 to… Read More

30th May 2019

Brazil anti-graft minister loses financial oversight powers

AP — Brazil’s Congress has voted to trim the powers of the country’s most famous anti-corruption crusader, removing Justice Minister Sergio Moro’s financial oversight authority. The decision late Tuesday was the latest to erode the authority of the man who spearheaded a sweeping corruption probe that has brought down dozens… Read More

29th May 2019

Brazil prosecutors call for arrest of Bradesco branch managers, criticize bank

Federal prosecutors in Brazil criticized compliance standards at Brazilian bank Banco Bradesco SA on Tuesday, after requesting that a court issue an arrest warrant for two branch managers allegedly involved in a money laundering scheme. “The evidence collected here doesn’t leave any room for doubt that the financial institutions where… Read More

28th May 2019

Braskem board OKs $101 mln corruption settlement in Brazil

The board of Brazilian petrochemicals producer Braskem SA has approved an agreement with authorities to pay 410 million reais ($101 million) to settle its involvement in the ‘Car Wash’ corruption case, Braskem said on Monday in a filing. The sprawling corruption investigation known as Car Wash uncovered a web of… Read More

24th May 2019

Mexico official says former Pemex chief was sanctioned

AP — A former executive at Mexico’s state-owned oil company who was sanctioned this week by the comptroller’s office has been identified as Pemex’s former director Emilio Lozoya by the head of the country’s financial intelligence unit. Santiago Nieto, who investigates crimes for Mexico’s finance ministry, congratulated the comptroller via… Read More

15th May 2019

Brazil investigators get access to banking records of president’s son in graft probe

A Brazilian court will allow investigators to examine the banking records of President Jair Bolsonaro’s senator son and his former driver in a money-laundering investigation, two sources with knowledge of the situation told Reuters on Monday. The office of Senator Flavio Bolsonaro confirmed that a court in a sealed ruling… Read More

10th May 2019

Brazil ex-President Temer back in custody on graft charges

AP — Brazil’s former President Michel Temer was arrested for a second time on corruption charges Thursday, a sign that the former back-room dealmaker may be running out of moves in the face of a sprawling probe that has roiled Latin America’s largest nation. Temer, 78, was taken to the… Read More

10th May 2019

Police seek arrests in Banco do Brasil debt collection scam

Brazilian police launched an operation on Thursday to arrest 17 people suspected of involvement in a scheme to launder money and siphon off funds at state-controlled Banco do Brasil SA, authorities said. The investigation targeted employees of Banco do Brasil and businessmen linked to firms set up to collect debt… Read More

10th May 2019

Brazil lawmakers vote to strip financial oversight from justice minister

Brazilian lawmakers dealt a blow to the country’s graft-busting Justice Minister Sergio Moro on Thursday, when a congressional committee voted to transfer a key tool for monitoring financial transactions to the recently-formed Economy Ministry. The lawmakers also voted to reverse President Jair Bolsonaro’s decree giving the Agriculture Ministry power to… Read More

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