27 Jun 2019
Leaked records from Brazil’s Odebrecht S.A. indicate that the scope of its bribery in Latin America extended far beyond what the construction giant has previously admitted, according to the Miami Herald.
The records, which were initially obtained by the Ecuadorian news organization La Posta, come from Odebrecht’s Division of Structured Operations, which oversaw the transfer of illicit payments to heads of state, various governmental officials and complicit firms, the Herald said Wednesday. The leaks outline the use of offshore entities to funnel hundreds of millions of dollars in bribes through financial institutions and other companies in the United States, China, Switzerland, the United Arab Emirates and other jurisdictions.
All together, Odebrecht paid nearly $790 million in bribes from 2001 to 2006, receiving $3.3 billion in lucrative contract work in return, according to the Miami Herald, which coordinated on the investigation with the International Consortium of Investigative Journalists and other news outlets.
- Some $39 million in payments linked to the Dominican Republic’s Punta Catalina coal-fired power plant.
- Seventeen payments totaling $3 million paid in relation to a Peruvian gas pipeline project.
- Emails indicating payments that an Odebrecht-linked bank made toward a $2-billion subway system in Ecuador.
- Possible bribes related to over a dozen other infrastructure projects throughout the region, including for subway system projects in Panama City and Caracas.
The full report is available here.
Count this content towards your CPD minutes, by signing up to our CPD WalletFREE CPD Wallet