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Montevideo, July 17th 2018 - 23:19 UTC

Odebrecht family leaders will step down from the scandal plagued conglomerate

Tuesday, December 19th 2017 - 11:59 UTC
Full article 4 comments
The newspaper said chairman Emilio Odebrecht decision to resign will be announced to high-ranking executives of the company in the city of Salvador The newspaper said chairman Emilio Odebrecht decision to resign will be announced to high-ranking executives of the company in the city of Salvador
Odebrecht's son Marcelo Odebrecht is to be released from prison in four days, O Estado reported. Odebrecht's son Marcelo Odebrecht is to be released from prison in four days, O Estado reported.

Emílio Odebrecht will resign as chairman of the board of the scandal-plagued Brazilian engineering conglomerate Odebrecht SA in the first half of next year, newspaper O Estado de S. Paulo reported. Emilio Odebrecht is one of 77 executives of the engineering conglomerate to sign a plea deal.

 The newspaper said the chairman's decision to resign will be announced to high-ranking executives of the company, which has admitted to widespread political bribery in Latin America's largest ever corruption investigation, at a meeting in the northeastern city of Salvador, where the group was founded. Estado reported Odebrecht may step down as early as April but the date is still up for negotiation.

The newspaper said the resignation is designed to show to the market how the company has broken with its corrupt past.

Odebrecht's son Marcelo Odebrecht is to be released from prison in four days, O Estado reported. Marcelo Odebrecht, formerly chief executive of the group, was arrested in June 2015 in the so-called Car Wash investigation that exposed billions of dollars in kickbacks to politicians and executives at state-run companies in exchange for inflated contracts.

In April, a U.S. judge sentenced Odebrecht to pay US$2.6 billion in fines as part of a plea deal with U.S., Brazilian and Swiss authorities. Odebrecht also has been in talks to sign plea deals in other Latin American countries.

Categories: Politics, Brazil.

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  • Jack Bauer

    They are still getting off very lightly....

    Dec 20th, 2017 - 08:54 pm 0
  • :o))

    Those who deserve hanging, are not only proclaimed as innocent but also are well-protected and are permitted to keep/enjoy all the loot which they gathered during the past twenty or so years:
    http://agenciabrasil.ebc.com.br/politica/noticia/2017-12/maia-diz-que-cassacao-do-mandato-de-maluf-nao-devera-ser-automatica . | . IS THIS A DEMOCRACY?

    Dec 20th, 2017 - 11:17 pm 0
  • Jack Bauer

    @:o))
    If it depends on the Lower house to condemn Maluf, he'll be back at home on the 2nd February.
    But I did like his acting : filmed from a helicopter while getting into his car, at his house, he walked normally....when getting out of the car at the Federal Police HQ in SP, 30 minutes later, he used a walking stick and almost had to be carried....d'you think that during these 30 minutes his life flashed before him and that he aged 10 years ???
    I met Maluf over 20 years ago (in business) and he sure gave the impression of being a wily old fox...

    Dec 21st, 2017 - 03:07 pm 0
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