Brazilâ€™s Construction Giant Caught in Money Laundering Probe
Published By : 03 Aug 2015 | Published By : QYRESEARCH
Brazil’s emergence in the world economy in the past few years have helped average Brazilians in attaining increased levels of incomes. It has also helped many businesses in flourishing on national and international levels.
One company has stood out as a complete winner among them – the Odebrecht group, owner of the biggest construction company of Latin America.
The company had doubled in revenue as well as size in the past 10 years under the leadership of company’s chief executive Marcelo Odebrecht. The Odebrecht group was found by Marcelo Odebrecht’s grandfather and no has nearly 181,000 employees spread across the company’s span of 21 countries.
In the recent years, the company has won contracts in many countries across the globe, such as the expansion plan of Caracas metro system, construction of a port in Cuba and many other infrastructure development projects in Africa.
Odebrecht executives were a regular in many foreign trips with Brazilian presidents on their usual business trips.
Since June, however, Marcelo Odebrecht and his company and executives have suddenly turned sour for politicians as the business leader became the executive of the most high-profile types to be arrested in the Petrobras scandal.
Marcelo Odebrecht was charged formally on July 29 on the charges of corruption and money laundering, being accused of paying millions in bribes to senior executives at Petrobras, the state oil company, for gaining lucrative building contracts in return.
Marcelo Odebrecht has been undertaking work on several projects in Africa and Latin America and is now held in the jail. He, however, denies of all the charges he is accused of.
The Petrobras scandal is of an unprecedented scale in the Brazilian economy. It has cost the oil company alone nearly US$2 billion.