Screws tightened in Odebrecht investigation
NEW DETAILS have emerged in the investigation of the Brazilian construction company Odebrecht being carried out in Brazil and Switzerland.
The research focuses on a money laundering scheme that was allegedly executed through bank branches in Switzerland of HSBC, the Royal Bank of Canada and Deutsche Bank.
Brazilian-Swiss dual citizen Bernardo Freiburghaus, 47, is accused of organizing a money laundering operation for Odebrecht. According to prosecutors, he handled funds involving the company Petrobras says a Bloomberg report.
More than $100 million that were in the hands of Freiburghaus’ customers have already been seized from accounts in Switzerland and returned to authorities in Brazil. Freiburghaus’ lawyers have denied that his client had committed irregularities.
Prosecutors say that they have found correspondence between international banks and Freiburghaus concerning his Brazilian clients, including Petrobras, some of whom have been sentenced for money laundering and who are now collaborating with the authorities.
Prosecutors say that activities linked to Freiburghaus led to the arrest in June of Odebrecht CEO Marcelo Odebrecht.
“Bernardo Freiburghaus acted as an agent for accredited banks in Switzerland to build relationships with customers,” said Brazilian Prosecutor Dallagnol Deltan. “There are messages of electronic mail that even show him discussing issues of compliance with the banks.”
More than 30 Swiss banks may have been used in the scheme to launder the bribes that were allegedly paid by Odebrecht in exchange for lucrative contracts. HSBC officials have said they are cooperating with investigators in the case.
Odebrecht has been hired to build a number of large-scale projects in Panama, including Metro. Line 2 and a Colon redevelopment project, with a combined cost of over $2 billion.
