Brazil: Brazil’s Odebrecht signs $2 billion leniency deal in graft case: sources

Author(s): Lisandra Paraguassu | Date: December 1, 2016 | Language: English
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Engineering firm Odebrecht SA signed a roughly 6.7 billion real ($1.94 billion) leniency deal on Thursday with prosecutors in Brazil’s biggest graft case while nearly 80 employees of the company signed plea bargains, sources said.
The long-awaited leniency deal between Latin America’s biggest engineering firm and prosecutors will allow Odebrecht[ODBES.UL] to return to bidding for public works projects, the sources said, confirming an earlier story in the Folha de S.Paulo newspaper.
Under terms of the agreement, the company will pay the hefty fine over 20 years. The money will be divided between authorities in the United States, Switzerland and Brazil, which would be the main beneficiary.
Folha had initially reported the amount could reach 8.6 billion reais ($2.5 billion) once interest was taken into account. Sources told Reuters last week the leniency deal would be signed within days.

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