OFF THE CUFF: Venezuela Construction body ousts Odebrecht

VENEZUELA’S Chamber of Construction (CVC) is the latest group to put the boot in to the once mighty, now crumbling Odebrecht  empire with the announcement on  Tuesday, Mar. 28,  that it has decided to suspend the company from the guild for violating ethical standards.

The decision will be in effect until the general assembly makes a final decision on the company’s conduct or keeps open legal investigations  that compromise its business ethics, according to Venezuelan media reports.

The Brazilian firm has acknowledged that it delivered bribes in exchange for works in countries of Latin America and Africa. In Venezuela it is estimated that these bribes totaled $98 million. In Panama they have admitted to $59 million in bribes, but the figure is reportedly far higher with Swiss authorities freezing $22 million in bank accounts linked to the two sons of former president Ricardo Martinelli.

Other countries have  seen massive anti Odebrecht demonstrations, suspended projects, and demands for repayments of bribery money,  but in Panama work continues on Metro Line 2. and a second airport terminal both needed by early 2019 when a world gathering of Catholic youth, attended by Pope Francis,  will take place in Panama, at the invitation of President Juan Carlos Varela

CVC President Juan Andrés Sosa stressed that Transparencia Venezuela made a detailed presentation of the Odebrecht case at its meeting March 6 and that “it was an important element” behind the decision.

He also indicated that the Construction Industry International Federation of organization to take action against Odebrecht.

Odebrecht was involved in some 70 percent of major public works in the country. Those projects have been halted due to a lack of resources for their completion.