Odebrecht confession deal hangs fire

A DEAL involving the mass confession of executives of the Brazilian group Odebrecht in a  major  corruption case involving Petrobras has been delayed  by a disagreement over the fine between U.S. and Brazil officials.

“Everything is ready, but the amount of the fine that will be payable in the United States is under dispute, and that is delaying the closing of the agreement. It will probably be Monday, because of the Thanksgiving  holiday in the United States,” source with access to the negotiations told the news agency AFP on Thursday November 24

The total compensation that Odebrecht will pay will be over $2 billion, making it one of the largest corporate fines in history. It is for offenses committed in Brazil, the United States and Switzerland.

The investigation includes  the long-awaited confession of more than 70 officials from the company in exchange for a reduction in their sentences.

Charges are expected against some 200 people in total, including politicians and other state officials.

Former Odebrecht President Marcelo Odebrecht is serving a 19-year sentence for corruption, but the agreement could drastically shorten his prison term.