Over 50 Odebrecht execs get deals to ease sentences

OVER 5O OFFICIALS   of  Odebrecht, Panama’s most favored public contractor,have reached deals with   prosecutors in  Brazil’s multi  billion dollae Lava Jato  corruption investigation.

The Brazil newspaper O Globo also reported that other deals are pending.

The case was based on allegations that the company paid bribes to state officials in exchange for contracts from the state-owned oil company Petrobras.

One of those charged was former company President Marcelo Odebrecht who was jailed  for 19 years and four months.

The deals were reached after eight months of negotiation.

The newspaper quoted prosecutors as saying that although the deals are not what they were asking for, the process is now complete.

The prosecutors also noted that the investigation was carried out in a “non-partisan” fashion. They said the goal was to ensure the protection of public funds.

Panama contracts
Odebrecht is one of the largest contractors in Latin America, and in Panama alone has received over $9  billion for  in contracts for  projects, including Metro I and II, Colon renovation, the  expansion of Tocumen International Airport and a street   development plan for Via Espana.

The company is also in the running for the $1 billion construction of the fourth bridge over the Canal.

It is also facing investigation of money laundering operations through Panama banksand allegations of bribery involving politicians during the Ricardo Martinelli administration (2009-14).

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