Brazil’s Andrade Gutierrez to Pay $381 Million Fine to Settle Graft Charges

No Comment 30 Views

Andrade Gutierrez Engenharia, a construction company, has signed a 1.49 billion reais ($381.49 million) deal to settle corruption allegations against it, federal authorities said on Tuesday, as part of the so-called “Car Wash” graft investigation.

Andrade Gutierrez is one of more than 30 construction companies being investigated in the sprawling probe which has ensnared senior executives and high-ranking politicians in Latin America’s largest economy.

The deal is contingent on the firm’s cooperation in the investigations. Andrade Gutierrez has agreed to testify about wrongdoing involving at least 100 other companies and 250 people, with investigations to be opened against all those implicated, Solicitor General Grace Mendonca told a news briefing.

The company will make the payment as part of a deal to end certain legal processes it faces in exchange for cooperation in investigations, the solicitor general’s office said. The total settlement could reach 3.6 billion reais ($923.2 million) over the 16 years it is to be paid, when adjusted for interest and inflation, the office said in a statement.

Read the original article here: reuters.com


Get headlines, breaking news, and jobs announcements delivered to your inbox. Sign up for our daily newsletter.

Share This Page
Industry Webinars
FEATURED Solutions