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Odebrecht's Venezuela bribes reportedly top US$170mn

Bnamericas Published: Wednesday, February 06, 2019
Odebrecht's Venezuela bribes reportedly top US$170mn

Brazilian conglomerate Odebrecht reportedly paid 630mn reais (US$172mn) in bribes and illegal benefits to politicians in Venezuela to gain preferred treatment.

Citing unnamed sources, O Estado de S. Paulo newspaper reported that 110mn reais went to Nicolás Maduro's election campaign.

The bribes bought Odebrecht advantages in government projects between 2006 and 2014.

According to the report, the volume of the bribes and illegal payments is substantially higher than what the company had admitted to.

In 2016, Odebrecht signed a leniency agreement with prosecutors in Brazil, the US Department of Justice and Swiss prosecutors, admitting it paid bribes in 12 countries, including Venezuela, to obtain public works contracts.

As part of the deal, the company paid 3.8bn reais in fines. Then, the company said it paid bribes over US$98mn in Venezuela.

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