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Latin American Economy & Business - April 2016 (ISSN 1741-7430)
Brazil: Troubled times for Odebrecht
Odebrecht, Brazil’s large construction and civil engineering group, continues to be shaken by its implication in the major Lava Jato (‘car wash’) federal investigation into corruption at key state companies and other large firms in Brazil. In March, the former company CEO, Marcelo Odebrecht, who has been under arrest since June 2015, was sentenced to 19 years and four months’ imprisonment for his involvement in paying bribes (he continues to deny any wrongdoing and is appealing the sentence). That same month, his successor, Newton de Souza, confirmed plans to sell BRL12bn (US$3.3bn) worth of assets as the company seeks to reduce its debt load and survive the crisis.
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