Brazil - 02

Brazil: Implications of Odebrecht’s Arrest

In an unprecedented development, on 19 June the Federal Police arrested Marcelo Odebrecht, CEO of construction conglomerate Odebrecht Group, and Otavio Marques Azevedo, CEO of construction conglomerate Andrade Gutierrez, on charges of cartel formation and corruption. The businessmen are suspects in the Federal Police’s ongoing “Lava Jato” operation, which has probed allegedly corrupt practices involving state-owned Petrobras and its contractors. Both Odebrecht and Andrade Gutierrez are accused of influence peddling, procurement bid fraud and other illegal activities to receive preferential treatment and lucrative deals with Petrobras.

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