Court Documents Detail Money Trail Between Panama and Andorra and Use of Offshore Companies: Odebrecht Trial

During the reading of the indictment in the money laundering case of Odebrecht, which is being carried out by the First Court of Liquidation of Criminal Cases, information is revealed about the money trail, based on international bank transfers and data provided by the judicial assistance of the Principality of Andorra.  According to the document, which compiles the legal assistance processed by the Anti-Corruption Prosecutor’s Office, a scheme of financial movements between Panama and the Banca Privada de Andorra (BPA) was identified, through offshore companies that would have been used to channel payments linked to “bribes and kickbacks” for the infrastructure projects carried out by the Odebrecht Group.

Companies and Transfers Specified

Among the elements highlighted in the document is what several companies used to mobilize funds:

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• Kingstall Financial Inc., a company incorporated in the British Virgin Islands through BPA Serveis. The document indicates that its bank transactions reinforce the theory that the account was controlled by the construction company Norberto Odebrecht to transfer funds and conceal the ultimate beneficiary. $4.9 million was moved through this company.
• Neecel Corp SA, represented by Mauricio Cort y García, received four international transfers totaling $2,999,900. Part of these funds were sent to Panama as alleged payment for the purchase of three islands off Ocean Reef, a transaction the court links to a possible commission payment.
• Cort Business Brokers & Consultors Inc., also represented by Mauricio Cort and Garcia, was funded by Klienfeld Services LTD for $1 million and Aeon Group for $6.45 million.
• Mengil International Limited, represented by Gabriel Alvarado Far, received deposits from Aeon Group for $12 million 860 thousand.
• Ralford Limited, represented by Andrés Mozes, received funds from Aeon Group in the amount of $3 million 50 thousand.
• Hobert International Limited, presented by Diamantis Papadimitriu and Maria Bagatelas de Papadimitriu, received $2,150,000 through transfer orders from Aeon Group.

The document also details transfers made from accounts belonging to Constructora Internacional del Sur SA in Panama to Klienfeld Services LTD in Andorra. According to the document, the latter was considered a company used by Odebrecht as its “slush fund” to move funds intended for illicit payments.  These movements allowed the Prosecutor’s Office to trace the connection between accounts in Panama and Andorra, one of the central points exposed in the investigation that reflect the scheme followed to configure the commission of the crime of money laundering, which aims to hide the illicit origin of the money and the use of front men or intermediaries to hide the final beneficiary.