Brazil Politics

ODEBRECHT SIGNS WORLD’S BIGGEST PLEA DEAL IN PETROBRAS PROBE

Executives at Brazil’s largest construction company have signed a plea deal with Operation Car Wash investigators

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odebrecht petrobras probe plea deal

Over the last two years, Brazil has been living in constant political turmoil. The country’s political establishment has been cornered by the largest corruption investigation in history. But things might get even worse in the upcoming months, as 78 executives at Odebrecht, Latin America’s largest company, have signed a plea deal to help prosecutors investigating corruption in Petrobras. According to sources familiar with the deal, more than 100 politicians could be implicated in corruption schemes, taking our institutional insecurity to a whole new level.

The company Odebrecht SA has also agreed to a leniency deal. It would pay around $2.1 billion in fines related to its role in Brazil’s biggest corruption scandal. The deal is key to allow the company restructure its debts, which total $32 million.

According to a report from GloboNews, Brazil’s leading news channel, virtually all presidential candidates over the past decade will be involved. After all, Odebrecht was known for being friendly to all political groups, financing campaigns for both ends of the political spectrum.

Odebrecht is accused of overcharging Petrobras and other public companies (at federal, state and city levels) and paying bribes to politicians. With the new plea deal, executives will explain the path of the money.

Officials close to President Michel Temer have stated that the head of state is worried about how the accusations could affect his government, potentially making it harder for his administration to approve reforms in Congress.