Brazil's Camargo Corrêa changes name of holding

Thursday, June 14, 2018

Brazilian conglomerate Camargo Corrêa is changing the name of its holding to Mover.

The holding was previously called Camargo Corrêa S.A. (CCSA).

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The group, one of various targeted by the Lava Jato corruption investigation, will keep the names of all its subsidiaries, reported financial newspaper Valor Econômico on Thursday, citing an unnamed source.

According to the report, the change in name is another step in a phase begun in 2015, when five members of the third generation of the founding family took control of the group.

They took positions on the board, hired international consultants, renewed the directors of controlled companies, and began to restructure the conglomerate.

Last year, the company, which in 2015 reached a leniency agreement with authorities regarding its involvement in corruption uncovered by the Lava Jato probe, announced the splitting of its construction projects into two units.

Camargo Corrêa created an arm called Construções e Comércio Camargo Corrêa (CCCC) to oversee all projects subject to the Lava Jato investigation, while projects not under investigation were assumed by another unit called Camargo Corrêa Infra.

The management of both units operates independently.