Odebrecht lied about scale of Panama kickbacks

1,358Views 0Comments Posted 05/09/2019

The string of bad news for construction company Norberto Odebrecht continues at an accelerated pace. The Inter-American Development Bank (IDB) put the Brazilian company and its subsidiaries on its blacklist because it used funds from at least two of its projects to pay bribes. The sanction implies that for five years, as of August 30, the companies of this construction group will not be able to participate in projects financed by this bank. Probably, other international financial institutions copy these actions and close other financing lines for this company. Recall that the top executives of Odebrecht lied in their accusations, omitting the number of kickbacks s they actually paid and hiding the identity of their benefactors. Three Panamanian governments made Odebrecht the largest contractor in the history of this country, however, neither the Public Procurement Law, nor the effective collaboration agreements negotiated by the Public Ministry and ratified by the Judicial Branch, exclude them from tenders In Panama. The IDB's decision contrasts with the warmth of the authorities and shows the way forward. In the end, transparency does pay.-LA PRENSA, Sep. 5

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