Lessons from Odebrecht

Source: Independent Institute
by Alvaro Vargas Llosa

“It was recently revealed that Odebrecht, the Brazilian construction giant, paid $788 million in bribes to obtain government contracts and/or ensure the passage of friendly legislation in 12 countries. The disclosure is part of a settlement with the authorities of Brazil, the United States, and Switzerland by which Odebrecht will pay $3.5 billion in fines. Odebrecht partook in the corruption scheme known as ‘Lava Jato’ (Car Wash) involving Petrobras, Brazil’s state-owned energy giant, which colluded with Brazilian corporations to inflate contracts, manipulate or avoid bidding processes, and dish out money to politicians and government bureaucrats to secure business. It’s a colossal case of old-style cronyism that has sent business tycoons and some politicians to jail, and has former president Lula da Silva in serious trouble.” (02/08/17)